Bank of India, for the second quarter ended September 30, reported 62.76% growth in net profit at ₹2,374 crore as compared with ₹1,458 crore in the year ago period supported by 41% growth in on-interest income which included treasury income, the bank’s MD & CEO Rajneesh Karnatak said over a video conference
Operating profit for the quarter increased by 10.43% Year on Year (YoY) to ₹4,147 crore. While Net Interest Income (NII) increased by 4% YoY to ₹5,986 crore, the bank’s Net Interest Margin (NIM)- Global stood lower at 2.82% as against 3.08% in the year ago period.
NIM -Domestic also stood lower at 3.14% against 3.47% in the same period last year. Slippage ratio stood higher at 0.44% as against 0.34% a year ago. The slippages increased as an unidentified Public Sector telecom company defaulted payment to the tune of Rs 1,000 crore.
The public sector bank’s Gross Non Performing Asset (NPA) declined by 13% YoY from ₹31,719 crore a year ago to ₹27,456 crore. Net NPA also declined by 29% YoY to ₹5,649 crore.
Provision Coverage Ratio (PCR) was at 92.22%, the bank said in a filing.
During the quarter its retail credit grew by 21.61% YoY, agriculture credit grew by 21.46% YoY and MSME credit grew by 15.42% YoY. The home loan book size grew 17% to ₹63,000 crore. It was 52% of the retail book of ₹1,21,000 crore. The average home loan ticket size was ₹30 lakh, Mr. Karnatak said.
During the quarter the bank’s global deposits increased by 10.15% YoY to ₹7,75,181 crore and its global advances increased by 14.51% YoY Rs. 6,21,919 crore.
For FY25 the bank has projected credit growth of 14% and deposit growth of 13%
Published - November 11, 2024 07:40 pm IST
