Mumbai: Bank of India’s total business touches Rs. 11, 85,438 crore Net profit rose to Rs. 4,023 crore. Bank of India, a leading public sector lender reported their annual results on Saturday with colourful numbers. Bank of India reported that its net profit at Rs. 4,023 operating profit climbed by 34.09% from Rs.9,988 Cr for FY22 to Rs.13,393 Cr in FY23, while its net profit increased by 18.15% YOY. BOI reported that its operating profit climbed by 34.09% from Rs.9,988 Cr for FY22 to Rs.13,393 Cr in FY23, while its net profit increased by 18.15% YOY.
Bank of India declared their results on Saturday. Seen in the photo are Rajneesh Karnatak, MD & CEO, P. R. Rajagopal ED, Swarup Dasgupta ED, Subrat Kumar ED, M. Karthikeyan ED.
The gross non-performing assets have dipped from 9.98% in the year 2022 to 7.31% in the year 2023. A significant change was made to the bottoms more strong. The total business of the bank has phenomenal growth to the tune of Rs. 11,85,438 cr, subsequently declaring a dividend of 20% for the year.
In the retail loans segment also, there is a propionate growth witnessed in the home loan segment the number has gone to Rs. 51,897 cr. Vehicle loans at Rs. 13,584 cr., Education loans at Rs. 3,002 cr., Mortgage loans at Rs. 8,240 cr.
The total deposits also grew to new heights with Rs. 6,69,586 cr. The bank’s net profit grew by 123% YoY, from Rs. 606 Cr in Q4FY22 to Rs. 1,350 Cr for Q4FY23, while the operating profit climbed by 69.67% YoY, from Rs. 2,466 Cr in Q4FY22 to Rs. 4,184 cr in Q4FY23.
The bank reported that its Net Interest Income (NII) rose from Rs. 3,987 Cr. in Q4FY22 to Rs. 5,493 Cr. in Q4FY23, representing a growth of 37.77%. Bank of India reported that its non-interest income climbed from Rs. 1,587 Cr in Q4FY22 to Rs. 3,099 Cr for Q4FY23, a 95.27% rise. This was a sequential improvement of 116% from Rs. 1,432 Cr in Q3FY22. In the gross advances front also there is substantial growth to the tune of Rs. 5,15,852 cr. The bank reported that its operating profit climbed by 34.09% from Rs.9,988 Cr for FY22 to Rs.13,393 Cr in FY2.
The net profit increased by 18.15% YOY, from Rs.3,405 Cr in FY22 to Rs.4,023 Cr. The bank’s Net Interest Income (NII) rose from Rs. 14,063 Cr in FY22 to Rs. 20,275 Cr in FY23, a 44.17% rise. Non-Interest Income was Rs. 7,100 Cr in FY23 compared to Rs. 7,879 Cr in FY22. Return on Assets (ROA) at 0.49%.
The bank has increased its presence by enhancing the total number of branches from 5,139 in 2022 to 5,152 branches in the year 2023. Rajneesh Karnatak, Managing Director and CEO also commented that for greater business acumen, more branches will be added in the current year.
