Bank of India declares Financial Results for Q4FY21 and FY21

Net Profit for FY21 at Rs 2160Cr and Net Profit for Q4 at Rs 250Cr

MUMBAI: Bank of India declares Financial Results for Q4FY21 and FY21

Performance Highlights

1. Net Profit for FY21 at Rs 2160Cr and Net Profit for Q4 at Rs 250Cr
2. CRAR strengthens to 14.93%
3. Credit cost for FY21 substantially improves to 1.80%
4. Net NPA at 3.35%
5. Slippages ratio reduces to 2.40%
6. Provision Coverage Ratio  at 86.24%

BUSINESS HIGHLIGHTS:

• Global Business increased from Rs.9,72,026 crore in Mar 2020 to Rs. 10,37,549 crore in Mar 2021 with YoY growth of 6.74%.

• Global Deposits went up from Rs.5,55,505 crore in Mar 2020 to Rs. 6,27,113 crore in Mar 2021, i.e. by 12.89% YoY. Global Advances stood at Rs. 4,10,436 crore in Mar 2021 against Rs.4,16,521 crore in March 2020.
• Domestic CASA deposits recorded a growth of 13.61% YoY. The share of CASA deposits improved from 40.61% in Dec 2020 to 41.27% in Mar 2021. 
• Priority Sector advances increased by 9.94% YoY and it constituted 41.25% of ANBC in Mar 2021, above the regulatory requirement.
• MSME advances went up by 12.74% and Retail advances by 11.87% YoY.

ASSET QUALITY:

• Gross NPAs declined YoY, from Rs.61,550 crore in Mar 2020 to Rs.56,535 crore in Mar 2021.

• Net NPAs also came down from Rs.14,320 crore in Mar 2020 to Rs.12,262 crore in Mar 2021.

• Gross NPA ratio improved from 14.78% in Mar 2020 to 13.77% in Mar 2021.

• Net NPA ratio improved from 3.88% in Mar 2020 to 3.35% in Mar 2021.

• Slippage ratio came down from 4.61% in Mar 2020 to 2.40% in Mar 2021.

• Provision Coverage Ratio (PCR), which was 83.74% in Mar 2020 moved up to 86.24% in Mar 2021.

PROFIT: Q4FY21

• The Bank posted a Net Profit of Rs. 250 crore in Q4FY21.
• Operating Profit stood at Rs.2,094 crore in Q4FY21 against Rs. 2,653 crore in Q4FY20.
• Non-Interest Income rose by 21.65% YoY to Rs.2,053 crore against Rs. 1,688 crore in Q4FY20.
• Net Interest Income of the Bank stood at Rs. 2,936 crore in Q4FY21 against Rs. 3,793 crore in Q4FY20.

PROFIT: FY21

• The Bank registered a Net Profit of Rs. 2,160 crore in FY21.
• Operating Profit stood at Rs.10,872 crore in FY21 against Rs. 11,519 crore in FY20.
• Non-Interest Income grew by 10.85% YoY to Rs.7,441 crore for FY21 from Rs. 6,713 crore in FY20.
• Net Interest Income of the Bank stood at Rs. 14,269 crore in FY21 against Rs. 15,257 crore in FY20.

CAPITAL ADEQUACY:

• The Capital Adequacy Ratio improved to 14.93% in Mar 2021 from 12.51% in Dec 2020 and 13.10% in Mar 2020. The CET-1 ratio stood at 11.51%. The Bank raised Rs1352 crore Base lII compliant At1 Bonds during FY21.

FINANCIAL RATIOS : Q4FY21

• Global Return on Assets (RoA) stood at 0.13% in Q4FY21 against -2.02% in Q4FY20.

• Global Net Interest Margin (NIM) stood at 2.01% in Q4FY21 compared to 2.90% during Q4FY20.

• Cost of Deposits (global) dropped to 3.90% from 4.53% during Q4FY20.

• Cost-to-income Ratio (global) stood at 58.02% in Q4FY21 vis a vis 51.60% in Q4FY20

• Credit Cost (global) came down from 8.30% in Q4FY20 to 3.36%in Q4FY21.

FINANCIAL RATIOS : FY21

• Global Return on Assets (RoA) stood at 0.28% in FY21 against -0.43% in FY20.

• Global Net Interest Margin (NIM) stood at 2.48% in FY21 compared to 2.93% during FY20.

• Cost of Deposits (global) declined from 4.40% during FY20 to 4.10% during FY21.

• Cost-to-income Ratio (global) for FY21 contained below 50.0%, which stood at 49.92% against 47.57% during FY20.

• Credit Cost (global) improved substantially to 1.80% in FY21 from 4.06% in FY20.

Key Parameters Q4FY21 Results

                                                                                                                                      (In Rs Crore)

Particulars	Q4FY20	Q3FY21	Q4FY21	YoY %	QoQ %	FY20	FY21	YoY %
Interest Income	10,528	10,243	9,327	-11.41	-8.95	42,353	40,599	-4.14
Interest Expenses	6,735	6,504	6,391	-5.11	-1.73	27,096	26,330	-2.83
Net Interest Income(NII)	3,793	3,740	2,936	-22.60	-21.49	15,257	14,269	-6.47
Non- Interest Income	1,688	2,068	2,053	21.65	-0.70	6,713	7,441	10.85
Operating Income (NII+Other Income)	5,481	5,807	4,989	-8.97	-14.09	21,970	21,711	-1.18
Operating Expenses	2,828	2,972	2,895	2.35	-2.59	10,451	10,839	3.71
Operating Profit	2,653	2,836	2,094	-21.04	-26.14	11,519	10,872	-5.61
Total Provisions	6,224	2,295	1,844	-70.37	-19.64	14,476	8,712	-39.82
– Provision for NPA	7,316	623	3,089	-57.78	395.69	14,415	6,613	-54.13
Net Profit	-3,571	541	250			-2,957	2,160
NIM %(Domestic)	3.18	2.81	2.16			3.28	2.70

Particulars	Mar-20	Dec-20	Mar-21	YoY %	QoQ %
Global Deposits	5,55,505	6,11,879	6,27,113	12.89	2.49
Domestic CASA	1,97,751	2,14,826	2,24,669	13.61	4.58
Domestic deposits	4,82,539	5,36,171	5,51,135	14.22	2.79
Global advances	4,16,521	4,14,987	4,10,436	-1.46	-1.10
Domestic advances	3,57,670	3,63,009	3,62,361	1.31	-0.18
Gross NPA	61,550	54,997	56,535	-8.15	2.80
Net NPA	14,320	9,077	12,262	-14.37	35.08

Particulars (Ratios, %)	Mar-20	Dec-20	Mar-21	YoY bps	QoQ bps
Asset Quality
Gross NPA	14.78	13.25	13.77	-101	52
Net NPA	3.88	2.46	3.35	-53	89
Provision Coverage Ratio (PCR)	83.74	89.32	86.24	250	-308
Capital Ratios
Tier-1	9.90	9.44	11.96
CET-1	9.88	9.44	11.51
CRAR	13.10	12.51	14.93

source https://nrinews24x7.com/bank-of-india-declares-financial-results-for-q4fy21-and-fy21/

June 04, 2021