G. Subramanian
Mumbai: State-owned Bank of India (BoI) on Friday declared their quarter three results ended on December 2021 with colourful numbers to the tune of a 90 percent surge in net profit at Rs 1,027 crore. The improved results are due to the bad loans situation improved to substantial numbers.
The net NPA ratio is at 2.66% down by 13 bps sequentially. While the slippage ratio at 0.47% and Credit Cost at 0.71%.
The bank had logged a net profit of Rs 540.72 crore in the year-ago period. However, total income during the quarter was down at Rs 11,211.14 crore as against Rs 12,310.92 crore in the same period a year ago, BoI said during the press conference. Net Interest Income (NII) too slipped to Rs 3,408 crore from Rs 3,739 crore in the same period a year ago, it said. On the global business front, there is an increase of 3.28% YOY from Rs.10,26,866 Cr in Dec’20 to Rs.10,60,519 Cr in Dec’21.
On the asset quality front, gross bad loans or non-performing assets (NPA) declined to 10.46 percent of gross advances at the end of December 2021 as against 13.25 percent in the year-ago period.
However, net NPA increased marginally to 2.66 percent from 2.46 percent. As a result, provisions other than tax and contingencies significantly declined to Rs 334.93 crore against Rs 1,809.63 crore in the same quarter a year ago.
The Provision Coverage Ratio (PCR) stood high at 86.86 percent at the end of December.
In the digital banking space, the bank increased the customer base to 8.18 million from 7.41 million in Dec’20. On the mobile banking front also the users have been increased to 5.61 million from 3.89 million in Dec’20. In the same way, the UPI users’ number also increased to 12.31 million from 9.01 million in Dec’20.
The bank also working in tandem with the central government’s plan to usher the MSME sector by offering various business-oriented loans and financing to the MSME sector, replied the officials during a media interaction.
