Bank of India, one of the leading PSU published its results for the 1st quarter of FY 2022-23 on 02-08-2022. It posted a Net Profit of Rs.561 Crore whereas the Operating Profit stood at Rs.2183 Crore. The Net Interest Income (NII) increased by 29.51% to Rs.4072 Crore for Q1 FY 23 against Rs.3145 Crore in Q1 FY 22. The Net Interest Margin (NIM) improved by 39 bps YOY.
Asset quality profile improved with Gross Non Performing Assets down by 421 bps YOY from 13.51% in June, 2021 to 9.30% in June, 2022. Net NPA also fell to 2.21% from 3.35% in June, 2021. Its Provision Coverage Ratio improved to 87.96% from 86.17% as compared to 1st Qrtr last year. Bank’s Capital Adequacy Ratio (CRAR) stood at 15.61% which is higher than June, 2021.
Gross Advances increased by 15.20% to Rs.4,77,746 Crore. The RAM advances grew by 15.74% and it constitutes 54.18% of advances. Bank achieved its regulatory norms in Priority Sector Advances, advances to Small & Marginal Farmers & Weaker sections of the society. In lines with the Govt. initiatives the sanctions in PM Swanidhi was 90.07% with disbursements at 97.98%.
Bank’s Global Business grew by 7.74% YOY to Rs.11,18,481 Crore in June, 2022. Global Deposits increased by 2.78% YOY to Rs.6,40,734 Crore. CASA deposits increased by 2.68% YOY to Rs.2,42,300 Crore and CASA ratio improved to 44.70%.