Bank of India has reported an increase in Net Profit by 63% YoY to Rs.2,374 Cr
FinTech BizNews Service
Mumbai, 11 November, 2024: Bank of India has today reported its results for Q2FY25, recording an increase in Net Profit by 63% YoY to Rs.2,374 Cr.
KEY HIGHLIGHTS (Q4FY24)
*Global Business increased by 12.05% YoY.
* Global Deposits increased by 10.15% YoY.
* Global Advances increased by 14.51% YoY.
* Advances (Dom.) increased by 15.03% YoY.
* RAM Advances grew by 19.74% YoY and it constitutes 57.70% of Advances.
* Retail Credit grew by 21.61% YoY.
* Agriculture Credit grew by 21.46% YoY.
* MSME Credit grew by 15.42% YoY.
* CASA deposits increased by 7.26% YoY and CASA ratio at 41.18%
* Net Profit increased by 62.76% YoY to Rs.2,374 Cr.
* Yield on Advances (Global) stood at 8.45% in Q2FY25 against 8.54% in Q2FY24.
* Advances (Dom.) increased by 15.03% YoY
* Gross NPA ratio down by 143 bps YoY to 4.41%.
* Net NPA ratio down by by 60 bps YoY to 0.94%
* Provision Coverage Ratio (PCR) at 92.22%.
* CRAR improved by 60 bps YoY to 0.94%
Profitability:
· Net Profit for the quarter improved by 63% YoY and stood at Rs.2,374 Cr for Q2FY25 against Rs.1,458 Cr in Q2FY24.
· Operating Profit increased by 10% YoY and stood at Rs.4,147 Cr for Q2FY25 against Rs.3,756 Cr in Q2FY24.
· Net Interest Income (NII) increased by 4% YoY and stood at Rs.5,986 Cr for Q2FY25 against Rs.5,740 Cr for Q2FY24.
· Non-Interest Income increased by 49% YoY and stood at Rs.2,518 Cr for Q2FY25 against Rs.1,688 Cr in Q2FY24.
· Operating Expenses stood at Rs.4,355 Cr for Q2FY25 against Rs.3,672 Cr in Q2FY24
Ratios :
· NIM (Global) stood at 2.94% in H1FY25 against 3.05% in H1FY24.
· NIM (Domestic) stood at 3.28% in H1FY25 against 3.42% in H1FY24.
· Return on Assets (RoA) improved by 14 bps YoY to 0.82% in H1FY25 against 0.68% in H1FY24.
· Return on Equity (RoE) improved by 50 bps to 14.24% in H1FY25, against 13.74% in H1FY24.
· Cost to Income ratio (Global) stood at 51.34% in H1FY25 against 49.29% in H1FY24.
Business:
* Global Business increased by 12.05% YoY from Rs.12,46,879 Cr in Sep’23 to Rs.13,97,100 Cr in Sep’24.
* Global Deposits increased by 10.15% YoY from Rs. 7,03,751 Cr in Sep’23 to Rs. 7,75,181 Cr in Sep’24
* Global Advances increased by 14.51% YoY from Rs. 5,43,128 Cr in Sep’23 to Rs. 6,21,919 Cr in Sep’24.
* Overseas Deposits at Rs.1,02,449 Cr and Overseas Advances increased by 11.91% YOY to Rs. 1,01,266 Cr in Sep’24.
* Domestic Deposits increased by 12.34% YoY from Rs.5,98,850 Cr in Sep’23 to Rs.6,72,731 Cr in Sep’24.
* Domestic CASA went up by 7.26% YoY from Rs.2,56,956 Cr in Sep’23 to Rs.2,75,618 Cr in Sep’24 and CASA ratio stood at 41.18%.
* Domestic Advances increased by 15.03% YoY from Rs. 4,52,641 Cr in Sep’23 to Rs. 5,20,653 Cr in Sep’24.
* RAM Advances increased by by 19.74% YoY to Rs.3,00,412 Cr, constituting to 57.70% of Advances in Sep’24.
* Retail Credit grew by 21.61% YoY to Rs.1,21,517 Cr in Sep’24
* Agriculture Credit grew by 21.46% YoY to Rs.93,798 Cr in Sep’24.
* MSME Credit grew by 15.42% YoY to Rs.85,097 Cr in Sep’24
Asset Quality:
* Gross NPA declined by 13% YoY from Rs.31,719 Cr in Sep’23 to Rs.27,456 Cr in Sep’24
* Net NPA declined by 29% YoY from Rs.7,978 Cr in Sep’23 to Rs.5,649 Cr in Sep’24
* GNPA ratio improved by 143 bps from 5.84% in Sep’23 to 4.41% in Sep’24.
* Net NPA ratio improved by 60 bps from 1.54% in Sep’23 to 0.94% in Sep’24.
* Provision Coverage Ratio (PCR) stood at stood at 92.22% in Sep’24.
Priority Sector:
· Priority Sector Advances increased by 16.26% YOY and achieved 46.13% of ANBC as on Sep’24. Agricultural advances achieved 21.66% of ANBC.
· Advances to Small & Marginal Farmers achieved 11.55% of ANBC in Sep’24 against regulatory norm of 10%.
· Advances to Weaker Sections achieved 13.84% of ANBC in Sep’24 against regulatory norm of 12%.
Digital Banking:
· Internet Banking users: Increased to 9.1 million in Sep’24 from 8.7 million in Sep’23.
· Mobile Banking users: Increased to 6.3 million in Sep’24 from 4.9 million in Jun’24.
· Number of UPI users increased to 20.3 million in Sep’24 from 17.2 million in Sep’23.
· Digital Transactions share in total transactions improved to 95% in Sep’24 from 92% in Sep’23.
Branch Network:
· As on 30th Sep’24, the Bank has 5191 number of Domestic branches.
· Rural: 1868 (36%), Semi-Urban: 1493 (29%), Urban: 836 (16%), Metro: 992 (19%) and 2 Digital Banking Units.
