Bank of India Q1 profit surges nearly three-fold to Rs 1,551 cr

Mumbai, 01^st August 2023: Bank of India announced its results for Q1FY24 reporting net profit increase by176% YoY to Rs.1,551 Cr in Q1FY24 against Rs.561 Cr in Q1FY23. Operating Profit increased by 72% YoY to Rs.3,752 Cr for Q1FY24 against Rs.2,183 Cr for Q1FY23

On Asset quality front, GNPA ratio down by 263 bps YoY and Net NPA ratio down by 56 bps YoY. Provision Coverage Ratio (PCR) improved by 156 bps YoY

Global Business crossed 12 lakh crore mark, increased by 8.61%. Global Deposits increased by 8.71% YoY. Gross Advances increased by 8.48% YoY.

Net Interest Income (NII) increased by 45% YoY to Rs.5,915 Cr for Q1FY24 against Rs.4,072 Cr in Q1FY23. Non-Interest Income increased by 27% YoY to Rs.1,462 Cr in Q1FY24 against Rs.1,152 Cr for Q1FY23.

Domestic Deposits increased by 7.98% YoY to Rs. 5,89,517 Cr in Jun’23. Domestic CASA went up by 7.56% YoY to Rs. 2,60,615 Cr in Jun’23 and CASA ratio stood at 44.52%

RAM advances increased by 11.75% YOY to Rs.2,39,954 Cr, constituting 55.39% of Advances in Jun’23.

As on 30.06.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.60% against 16.28% in Mar’23. CET-1 ratio stood at 13.02% as on Jun’23 against 13.60% in Mar’23.

The Bank has since created end to end Digital products, viz. SB accounts on the deposit side and Mudra/KCC/Personal loan/pensioner loan on the loan segment. Customers can open SB accounts and avail loans without visiting branch. There are more than 20 products that will be rolled out in Q2 & Q3 of this year. The bank is targeting at least Rs.10,000 Cr of business through Digital products by the end of this financial year.

As on 30th June’23, the Bank has 5129 number of Domestic branches. Rural: 1852 (36%), Semi-Urban: 1456 (28%), Urban: 829 (16%), Metro: 992 (19%).