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BOI posts Profit in 4th quarter despite several challenges
Vinod Chandrashekhar Dixit5/18/2019 10:21:57 PM
Bank of India - the most trust branded banks in India posted a profit of Rs 251.79 crore for the fourth quarter ended March 2019 owing to reduction of bad loans which has shown an encouraging trend. It is good sign that the total income in 3 months to March grew to Rs 12,417.08 crore, as against Rs 9,596.86 crore in the same period of 2017-18. After coming out of the Prompt Corrective Action (PCA) framework, this is first quarter earnings posted by Bank of India. BoI is poised for a great leap in future. It is today stronger, bigger, more vibrant and confident bank. The huge work force of bank has re-dedicated themselves to build the Bank, re-doubled their efforts and re-focused in such a passionate way that BOI came out of PCA at the earliest and re-wrote the story Prompt Turn Around (PTA).
BoI MD & CEO Dinabandhu Mohapatra has rightly stated that "Even during the most challenging times of PCA regime, we have still grown at around 12 per cent on domestic front. We have grown in a balanced way. As a result our net interest income (NII), net interest margin (NIM) have improved significantly and we have been able to post profit during the quarter." Several structural changes were introduced in Bank of India to strengthen the recovery mechanism and to strengthen the credit mechanism. The fraud management system was also brought under control. Mission Samadhan has played a vital role in reducing the net NPA as it has helped a lot in dealing with big as well as ARC accounts. BoI is working on strengthening its processes on a quarter-on-quarter basis and is focusing on asset composition, quality and capital maximization which is more important than growing business.
BoI under Bank of India-Employee Stock Purchase Scheme (ESPS) has also raised an amount of Rs 660.80 crore. Bank expects Rs 2,000 crore of write back in the first quarter of FY20 as he sees many of the big NCLT accounts getting resolved. Bank has continued its effort in mobilizing GABHI & Low cost deposit, disbursing low capital consuming and low risk advances in RAM (Retail, Agriculture and MSME) as well as good rated and well secured other advances, arresting slippages and recovering in NPA accounts, controlling controllable expenses and above all ensuring excellent customer service which is the key to ay service industry including banking.
Bank of India's name is now a household name and synonymous with growth, development and efficiency. The bank has the best of technology and best of capabilities. It has several firsts to its name and has always been in the forefront for bring about new concepts and changes in the Indian banking scenario. There is no doubt that BOI continues to have a commanding presence in the nation's corporate-industrial realm.
Lastly, I would like to quote the words of Edwin C. Bliss "Success doesn't mean the absence of failures, it means the attainment of ultimate objectives. It means winning the war, not every battle."
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