InvestorQ : How did Bank of India double its profits for the quarter ending March 2022?
Aditi Sharma made post

How did Bank of India double its profits for the quarter ending March 2022?

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Mahima Roy answered.
2 months ago
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Bank of India managed to double its net profits for the quarter ended March 2022 to Rs606 crore. This surge in net profits was on the back of higher net interest income (NII) and lower provisioning. NII (an important metrics of the cost spread of banks) was up 36% at Rs3,986 crore for the quarter. The net interest margins (NIM) expanded by 39 bps sequentially in terms of the domestic lending book.

For the quarter ended March 2022, the provisions made towards bad debts and other contingencies were 4% lower at Rs1,541 crore. Other metrics were also quite favourable for Bank of India. Credit growth in Q4FY22 was 8.73% and BOI plans to improve the credit growth by 327 bps to around 12% in FY23. BOI expects that most of the loan growth traction in FY23 should essentially emanate from its focus on small and medium sized businesses, as there are several government initiatives to give the added thrust.

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