July 28th 2023.
Indore: Bank of India recently reported their Q1FY24 results, showing a major increase in their net profit when compared to the previous year. In Q1FY24, their net profit increased by 176% year over year to a total of Rs 1,551 crore, in comparison to Q1FY23's Rs 561 crore. Bank of India also reported a 72% year over year increase in their operating profit, bringing the total to Rs 3,752 crore for Q1FY24.
In terms of asset quality, Bank of India showed a significant improvement as their GNPA ratio decreased by 263 bps year over year, and their Net NPA ratio decreased by 56 bps. Additionally, their Provision Coverage Ratio improved by 156 bps year over year.
Bank of India also reported increases in their global business, global deposits, and gross advances. Global business increased by 8.61%, global deposits increased by 8.71%, and gross advances increased by 8.48%, all year over year. Bank of India also reported a 45% year over year increase in their net interest income, bringing the total to Rs 5,915 crore for Q1FY24. Non-interest income increased by 27% year over year to Rs 1,462 crore.
Domestic deposits also showed an increase in Q1FY24, rising by 7.98% year over year to Rs 5,89,517 crore. Bank of India's Domestic CASA also rose by 7.56%, bringing the total to Rs 2,60,615 crore in Jun’23. The CASA ratio also improved to 44.52%.
Bank of India also reported an 11.75% year over year increase in their RAM advances to Rs 2,39,954 crore, which constitutes 55.39% of their advances. As of June 30, Bank of India's total capital adequacy ratio was 15.60%, and their CET-1 ratio was 13.02%.
Bank of India has also started to roll out several digital products, such as SB accounts on the deposit side and Mudra/KCC/Personal loan/pensioner loan on the loan segment. Customers can now open SB accounts and avail loans without ever having to visit the branch. Bank of India aims to increase their business through digital products to Rs 10,000 crore by the end of this financial year.
As of June 30, Bank of India has 5,129 domestic branches, of which 1,852 are rural, 1,456 are semi-urban, 829 are urban, and 992 are metro.
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