Join our Waitlist for Expert Advice!

Q4 Results: Bank Of India's Profit Up By 142% Its net profit stood at INR 606 crore for the period under review compared with INR 250 crore in the year-ago period

By Shrabona Ghosh

Opinions expressed by Entrepreneur contributors are their own.

You're reading Entrepreneur India, an international franchise of Entrepreneur Media.

Twitter

Bank of India on Tuesday reported an increase of 142.31 per cent in its net profit in the quarter ended 31st March 2022. Its net profit stood at INR 606 crore for the period under review compared with INR 250 crore in the year-ago period.

The bank's gross non-performing assets (NPAs) fell to 9.98 per cent as on March 31, 2022. The operating profit went up by 31.85 per cent year-on-year (YoY) from INR 1,870 crore in Q4FY21 to INR 2,466 crore in Q4FY22.

For FY23, the bank estimates credit growth to be around 10 – 12 per cent in FY'23. Gross NPA is expected to be lower than 8 per cent and the credit cost is expected to be at 1 per cent.

The total standalone income during the quarter ended March 2022 rose to INR11,443.46 crore against INR 11,155. 53 crore a year ago.

"The impact of COVID-19, including changes in customer behavior and pandemic fears, as well as restrictions on business and individual activities, has led to significant volatility in global and Indian financial markets and a significant decrease in global and local economic activities. The extent to which any new wave of COVID-19 will impact the Bank's operations will depend on ongoing as well as future developments," the Bank said in a statement.

Shrabona Ghosh

Correspondent

A journalist with a cosmopolitan mindset. I lead a project called 'Corporate Innovations' wherein I cover corporates across verticals and try to tell stories on innovations. Apart from this, I write industry pieces on FMCGs, auto, aviation, 5G and defense. 
Thought Leaders

These 3 Trends Will Change What It Means to Be an Entrepreneur in 2025

Here are three entrepreneurship trends from the new Global Entrepreneurship Monitor report that are changing the landscape for the future.

Leadership

4 Bold Leadership Moves Every Successful CEO Uses to Navigate Change

Ready to turn fear into fuel and lead with confidence? In this article, I share how leaving my corporate job without a plan led me to build a thriving business. Learn four bold strategies to embrace uncertainty and turn challenges into opportunities for growth today.

Starting a Business

Schools Fall Short on Teaching Financial Literacy — Here's 3 Ways Parents Can Raise Future Entrepreneurs

Entrepreneurship is not just for adults. Teaching kids the basics of business and finance from a young age will serve them well in life, no matter what path they pursue.

Business News

Meta Fires Employee Making $400,000 Per Year Over a $25 Meal Voucher Issue

Other staff members were fired for the same reason, per a new report.