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Against a net loss of ₹3,571 crore the previous year, the Bank of India (BOI) reported a standalone net profit of ₹250 crore in the fourth quarter which ended on March 31st 2021.
₹2,936 crore was the resulting amount after the Net interest income which is the difference between interest earned and expended came down by 23 percent Y-O-Y. Non-based activities which includes, commission, exchange, brokerage, fees, profit/loss on sales of investments, forex income and recovery from written off accounts were the other incomes which rose to 22 percent resulting in ₹2,053 crore.
At the March end 2021, there was a decline in the Gross NPAs to 13.77 percent against 14.78 percent as on March end 2020. In 2021 at March end, there was a decline of Net NPAs to 3.35 percent of net advances against 3.88 percent at March 2020. While there was decline in the Global net interest margin to 2.01 percent at March 2021 against 2.90 at March end 2020.
But with the same, there was 13 percent rise in the Global deposits which came to ₹6,27,113 crore along with the nudging up of global advances to 1.46 percent y-o-y to ₹4,10,436 crore with a main growth in agriculture, MSME advances, domestic retail and Government & Government guaranteed advances. On the other hand, the provisions for loan loss went 58 percent low y-o-y at ₹3,089 crore.
A total reduction in NPAs was higher at ₹5,830 crore during the quarter and about 81 percent of the said reduction was on account of write-offs.