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Bank of India registers Rs 250 cr profit in Q4 FY2018-19

PW Bureau

This was the first quarterly results announced by the state-owned lender after it walked out of the RBI’s PCA framework in January this year

New Delhi: State-run Bank of India (BoI) posted a profit of Rs 251.79 crore for the fourth quarter of the financial year that ended on March 31 in stark contrast to the net loss of Rs 3,969 crore it reported in the corresponding quarter a year ago. Total income in Q4 stood at Rs 12,417.08 crore, up from Rs 9,596.86 crore in the same period of 2017-18.

This was the first quarterly results announced by the state-owned lender after it walked out of the Reserve Bank of India’s (RBI) Prompt Corrective Action (PCA) framework in January this year.

Improvement in asset quality

The bank improved its asset quality slightly with the gross non-performing assets (NPAs) coming down to 15.84 percent of gross advances at March-end 2019 against 16.58 percent as of March 31, 2018. Net NPAs, too, came down to 5.61 percent from 8.26 percent.

The reduction in bad asset ratio also brought down provisioning against them to Rs 1,502.90 crore for the fourth quarter, down from Rs 6,699.23 crore in the year-ago period.

Net loss at Rs 5,546.90 crore for FY2018-19

For the entire fiscal 2018-19, the net loss stood at Rs 5,546.90 crore as against Rs 6,043.71 crore loss in 2017-18. Income, on the other hand, stood at Rs 45,899.82 crore, up from Rs 43,805.17 crore a year earlier.

The last financial year also saw the government infusing a capital of Rs 14,724 crore in two tranches into BoI. The bank also raised an amount of Rs 660.80 crore under Bank of India-Employee Stock Purchase Scheme (ESPS).