BoI posts Rs 250 crore profit in quarter ended March

Government-owned Bank of India said on Friday its standalone net profit for the quarter ended March totalled Rs 250 crore on the back of rise in other income and lower non-performing asset (NPA) provisions.

In the year-ago period, it had posted a net loss of Rs 3,571 crore.

Net interest income (difference between interest earned and interest expended) was down at Rs 2,936 crore in Q4 FY21 as compared to Rs 3,793 crore in Q4 FY20.

Other income including income from non-fund based activities like commission, exchange, brokerage, fees, forex income, profit/ loss on sale of investments and recovery from written off accounts increased to Rs 2,053 crore from Rs 1,688 crore in the same period.

However, total income in Q4 FY21 was down at Rs 11,380 crore as against Rs 12,216 crore in the corresponding period of previous fiscal.

In the full year 2020-21, standalone net profit was Rs 2,160 crore against a net loss of Rs 2,957 crore in the previous year.

Asset quality improved marginally with gross NPAs at 13.77 per cent of gross advances by March-end as against 14.78 per cent in the year-ago period.

The board of directors has not declared any dividend for 2020-21.

( With inputs from ANI )

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