Mumbai-based state owned Bank of India announced its fourth quarter performance report. Bank of India (BOI) reported a 93% increase in fourth-quarter profit to Rs.953 crore from the year earlier, aided by higher interest income and a sharp dip in employee-related expenses.
Total interest income rose 23.84% to Rs.7,810.62 crore, while employee expenses fell more than 40% to Rs.867.04 crore because it didn’t have the pension-related costs that it had in the year earlier.
Bank of India’s net non-performing assets (NPAs), or bad debts after provisioning, was 1.47% of advances against 0.91% a year ago. However, the bank saw up-gradation and recovery of about Rs.890 crore in its assets. Provisions rose 47% to Rs.701.78 crore from Rs.477.64 crore.