State-owned Bank of India on Friday reported a standalone net profit of Rs 250.19 crore for the quarter ended March 31, 2021. It posted a net loss of Rs 3,571.41 crore in the year-ago period. However, the net profit in the period under review was lower than Rs 540.72 crore in December quarter 2020-21, Bank of India said in a regulatory filing.
Total income during March quarter 2020-21 was down at Rs 11,379.84 crore as against Rs 12,215.78 crore in the year-ago period. For full-year 2020-21, the standalone net profit was registered at Rs 2,160.30 crore against a net loss of Rs 2,956.89 crore in the previous year.
Income came down marginally to Rs 48,040.93 crore in 2020-21 from Rs 49,066.33 crore a year ago. The asset quality of the bank showed an improvement with the gross non-performing assets (NPAs) standing at 13.77 percent of the gross advances by the end of March 2021 as against 14.78 percent by the year-ago period.
In value terms, gross bad loans fell to Rs 56,534.95 crore from Rs 61,549.93 crore. Net NPAs or bad loans too declined to 3.35 percent (Rs 12,262.03 crore) from 3.88 percent (Rs 14,320.10 crore) Bank of India said its board has not declared any dividend for 2020-21.
Bank of India stock was trading 3.87 percent higher at Rs 83.30 apiece on BSE.