Robust growth in net interest income and a sharp decline in loan loss provisions helped Bank of India report a turnaround performance, posting a net profit of Rs 252 crore in the fourth quarter against a net loss of Rs 3,369 crore in the year ago quarter.
In the reporting quarter, the public sector bank reported a 58 per cent year-on-year (yoy) jump in net interest income at Rs 4,044 crore. Other income was up 17 per cent yoy at Rs 1,603 crore.
Loan loss provisions declined sharply to Rs 1,503 crore (Rs 6,699 crore in the year-ago quarter). Gross non-performing assets fell to 15.84 per cent of gross advances, against 16.32 per cent in the preceding quarter.
Net non-performing assets declined to 5.61 per cent of gross advances, against 5.87 per cent in the preceding quarter.