Bank of India reports 26% drop in Q4 net profit

Bank of India has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 26.31% in its net profit at Rs 557.51 crore for the quarter ended March 31, 2014 as compared to Rs 756.57 crore for the same quarter in the previous year.  However, total income of the bank has increased by 21.67% at Rs 11274.09 crore for quarter under review as compared to Rs 9265.55 crore for the quarter ended March 31, 2013. For the year ended March 31, 2014, the bank has posted a marginal fall of 0.73% in its net profit at Rs 2729.27 crore as compared to Rs 2749.35 crore in the previous year. However, total income of the bank has increased by 18.29% at Rs 42201.94 crore for year under review as compared to Rs 35674.96 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the bank has posted a rise of 5.91% in its net profit at Rs 2986.78 crore as compared to Rs 2819.90 crore in FY13. Total income of bank has increased by 18.29% at Rs 42444.18 crore for year under review as compared to Rs 35880.43 crore for the period ended March 31, 2013.