Bank of India, a leading Public Sector Bank reports a net profit of Rs 1,458 Cr in Q2FY24 against Rs.960 Cr in Q2FY23. Operating Profit improved by 11% YoY and stood at Rs 3,756 Cr in Q2FY24 against Rs.3,374 Cr in Q2FY23.
Net Interest Income (NII) improved by 13% YoY and stood at Rs 5,740 Cr in Q2FY24 against Rs.5,083 Cr for Q2FY23. Non-Interest Income improved by 19% YoY and stood at to Rs 1,688 Cr in Q2FY24 against Rs 1,417 Cr in Q2FY23.
NIM (Global) improved by 4 bps YoY to 3.08% in Q2FY24 against 3.04% in Q2FY23. Global Business increased by 9.25% YoY from Rs 11,41,356 Cr in Sep'22 to Rs.12,46,879 Cr in Sep'23. Domestic Deposits increased by 8.61% YoY from Rs 5,51,401 Cr in Sep'22 to Rs 5,98,850 Cr in Sep'23.
Gross NPA declined by 8.28% QoQ from Rs.34,582 Cr in Jun'23 to Rs31,719 Cr in Sep'23. Provision Coverage Ratio (PCR) stood at 89.58% in Sep'23 against 89.52% in Jun'23. On Capital Adequacy front, as on September 30, 2023, Bank's total Capital Adequacy Ratio (CRAR) was at 15.63% against 15.60% in Jun'23.
The bank has created end to end digital products, viz. saving bank accounts on the deposit side and Mudra/KCC/ Personal loan/pensioner loan on the loan segment. Customers can now open savings accounts and access loans without the need to physically visit a branch. In the coming months (Q3 and Q4 of this year), the bank plans to launch over 15 additional digital products. The bank's goal is to achieve a business volume of at least Rs. 10,000 Crores through digital products by the conclusion of this financial year.
As on September 30, 2023, the Bank has 5135 number of domestic branches.
