Public sector lender Bank of India (BOI) has declared impressive Q4 results with dividend hike of 20%. Bank’s net profit grew 123% YoY from Rs. 606 Cr in Q4FY22 to Rs. 1,350 Cr for Q4FY23, while its operating profit climbed 69.67% YoY from Rs. 2,466 Cr in Q4FY22 to Rs. 4,184 crore in Q4FY23. The bank reported that its net interest income (NII) grew from Rs. 3,987 crores. In Q4FY22 Rs. 5,493 crores. in Q4FY23, representing a growth of 37.77%. Bank of India reported that its non-interest income of Rs. 1,587 crore in Q4FY22 to Rs. 3,099 Cr for Q4FY23, a growth of 95.27%. This was a sequential improvement of 116% from Rs. 1,432 Cr in Q3FY22.
BOI reported that its operating profit climbed 34.09% to Rs.13,393 Cr in FY23 from Rs.9,988 Cr for FY22, while its net profit grew 18.15% YOY to Rs.4,023 Cr from Rs.3,405 Cr in FY22 Went. The Net Interest Income (NII) of the Bank grew from Rs. 14,063 crore in FY22 to Rs. 20,275 Cr in FY23, a growth of 44.17%. Non-Interest Income Rs. 7,100 crore in FY23 as compared to Rs. 7,879 crore in FY22.
The bank reported that its net NPA has come down to 18.25% from Rs. 9,852 crore in March 2022 to Rs. 8,054 crore in March 2023, while its gross NPAs declined by 17.36% from Rs. 45,605 crores. The bank said both its GNPA ratio and net NPA ratio declined from 9.98% to 7.31% and 2.34% to 1.66%, respectively. The BOI said its provision coverage ratio (PCR) stood at 89.68% in March 2023 from 87.76% in March 2022.
According to the bank, NIM (Global) increased from 2.56% in Q4FY22 to 3.15% in Q4FY23, while NIM (Domestic) increased to 3.59% from 2.90%. Return on Equity (RoE) increased from 6.64% to 13.52%, and Return on Assets (RoA) increased from 0.30% to 0.63% in Q4FY22 and Q4FY23, respectively. Credit cost declined, from 1.10% in Q4FY22 to 0.45% in Q4FY23.
According to the bank, domestic deposits grew by 2.95% YoY from Rs. 5,50,833 crore in March 2022 to Rs. 5,67,063 Cr in March 2023, while domestic CASA climbed 2.72% YoY from Rs. 2,45,464 crore to Rs. 2,52,149 crore, and the CASA percentage was 44.73%. As per BOI, domestic advances grew from Rs. 3,93,331 crore to Rs. 4,31,637 crore at 9.56% p.a. basis. In March 2023, RAM advances accounted for 55.11% of all advances with a YOY growth of 12.29%. 2,37,884 crores.
The bank said that retail loans in March 2023 will grow by 17.40% annually to Rs. 94,716 crore and agriculture credit grew 8.99% year-on-year to Rs. 72,391 crores. According to the bank, MSME credit grew by 9.31% YoY to Rs. 70,777 crores.
The Board of Directors “recommends a dividend of Rs. 2.00 (i.e. 20%) per equity share (face value Rs. 10/- each fully paid) for the financial year 2022-23 to be declared by the shareholders in the forthcoming 27th Annual General Meeting of the Bank Subject to approval,” Bank of India said in a statement.
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