Bank of India Reports 63% Rise in Net Profit for Q2FY25

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.