Bank of India Q4FY23 PAT doubles to Rs1,412cr as NIM expands 59 bps to 3.15%


Bank of India reported 44.7% growth in total revenues for the March 2023 quarter on consolidated basis at Rs16,716cr. Revenue growth was 17.57% in sequential terms for Q4FY23. For the quarter, the company saw growth in revenues from retail bank and treasury and sharp growth in revenues from corporate banking. However, operating profits from treasury were higher, while retail and corporate banking profits turned around.

Net interest income (NII) for Q4FY23 was up 37.8% you at Rs5,493 crore. For the same period, the net interest margins (NIM) expanded by 59 basis points from 2.56% to 3.15%. Non-interest income grew sharply by 95.3% yoy at Rs3,099 crore. For the fourth quarter, the total advances grew by grew 12.3% while deposits grew over 6.64% yoy. CASA ratio stood at 44.73% of the total deposit base. There was a fall in the gross NPAs and the net NPAs on a yoy basis.

Financial highlights for Mar-23 compared yoy and sequentially

 Bank of India    
Rs in Crore

Mar-23

Mar-22

YOY

Dec-22

QOQ

Total Income

₹ 16,716

₹ 11,553

44.69%

₹ 14,218

17.57%

Operating Profit

₹ 4,260

₹ 2,518

69.16%

₹ 3,767

13.11%

Net Profit

₹ 1,412

₹ 688

105.12%

₹ 915

54.31%

      
Diluted EPS

₹ 3.44

₹ 1.68

 

₹ 2.23

 
Operating Margins

25.49%

21.80%

 

26.49%

 
Net Margins

8.44%

5.96%

 

6.43%

 
Gross NPA Ratio

7.31%

9.98%

 

7.66%

 
Net NPA Ratio

1.66%

2.34%

 

1.61%

 
Return on Assets

0.63%

0.30%

 

0.55%

 
Capital Adequacy

16.91%

17.14%

 

16.38%

 

 

For Q4FY23, the operating profits were up 69.2% yoy while the net profits were up 105% yoy due a sharp expansion in NIMs. The return on equity (ROE) improved by 688 bps at 13.52% while the cost to income also lowered to 51.5%. For the quarter, the provision coverage ratio (PCR) stood at 89.7%. Credit costs in the quarter fell sharply from 1.10% to just 0.45%.

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