Bank Of India Announces Audited Financial Results For The Quarter Ended 30th June 2023

July 2023: The Board of Directors of Bank Of India approved the audited financial results for the quarter ended 30th June 2023.

Appended below are the Results Summary for Q1 – FY2024

Key highlights:

•  Net Profit increased by 176% YoY to Rs.1,551 Cr.
•  Operating Profit increased by 72% YoY to Rs.3,752 Cr.
•  Net Interest Income increased by 45% YoY to Rs.5,915 Cr.
• NIM (Global) improved by 49 bps YoY.
•  The yield on Advances (Dom.) improved by 157 bps YoY.
•  The gross NPA ratio is down by 263 bps YoY.
•  The net NPA ratio is down by 56 bps YoY.
•  Provision Coverage Ratio (PCR) improved by 156 bps YoY.
•  CRAR stood at 15.60%, with CET-1 ratio at 13.02%.
•  Global Business crossed the 12 lakh crore mark, increasing by 8.61%.
•  Global Deposits increased by 8.71% YoY.
•  Gross Advances increased by 8.48% YoY.
•  RAM Advances grew by 11.75% YoY and it constitutes 55.39% of Advances.
•  Retail Credit grew by 15.05% YoY.
• Agriculture Credit grew by 10.10% YoY. MSME Credit grew by 9.19% YoY.
•  CASA deposits increased by 7.56% YoY and CASA ratio at 44.52%.

Profitability Q1FY24:

•  Net Profit increased by 176% YoY to Rs.1,551 Cr in Q1FY24 against Rs.561 Cr in Q1FY23.
•  Operating Profit increased by 72% YoY to Rs.3,752 Cr for Q1FY24 against Rs.2,183 Cr for Q1FY23.
• Net Interest Income (NII) increased by 45% YoY to Rs.5,915 Cr for Q1FY24 against Rs.4,072 Cr in Q1FY23.
•  Non-Interest Income increased by 27% YoY to Rs.1,462 Cr in Q1FY24 against Rs.1,152 Cr for Q1FY23.

Ratios:

•  NIM (Global) improved by 49 bps to 3.03% in Q1FY24 against 2.54% in Q1FY23. NIM (Domestic) improved by 51 bps to 3.37% in Q1FY24 against 2.87% in Q1FY23.
•  Return on Assets (ROA) improved by 42 bps to 0.71% in Q1FY24 against 0.29% in Q1FY23.
• Return on Equity (RoE) improved by 806 bps to 14.90% in Q1FY24 against 6.84% in Q1FY’23.
•  The cost to Income ratio (Global) improved by 908 bps to 49.14% in Q1FY24 against 58.22% in Q1FY23.
•  The slippage ratio improved to 0.53% in Q1FY24 against 0.69% in Q1FY23.
•  Credit Cost stood improved to 0.64% in Q1FY24 against 1.21% in Q1FY23.
•  The yield on Advances (Global) improved by 157 bps to 8.10% in Q1FY24 against 6.53% in Q1FY23.
•  Cost of Deposits (Global) stood at 4.22% in Q1FY24 against 3.49% in Q1FY23.

Productivity Ratios:

•  Business per employee improved to Rs.23.21 Cr in Jun’23 from Rs.21.26 Cr in Jun’22.
• Business per branch improved to Rs.237.04 Cr in Jun’23 from Rs.218.24 Cr in Jun’22
• Net Profit per employee improved to Rs.11.85 lakh in Jun’23 from Rs.4.27 lakh in Jun’22.
•  Net Profit per branch improved to Rs.121.06 lakh in Jun’23 from Rs.43.82 lakh in Jun’22.

Global and Domestic Business Growth:

•  Global Business crossed 12 lakh crore and reached Rs.12,14,808 Cr with a growth of 8.61% YoY in Jun’23.
•  Global Advances grew by 8.48% YoY and reached Rs. 5,18,264 Cr in Jun’23.
•  Global Deposits increased by 8.71% YoY to Rs. 6,96,544 Cr in Jun’23.
•  Domestic Deposits increased by 7.98% YoY to Rs. 5,89,517 Cr in Jun’23.
•  Domestic CASA went up by 7.56% YoY to Rs. 2,60,615 Cr in Jun’23 and the CASA ratio stood at 44.52%.
•  Savings deposits increased by 6.21% YoY to Rs.2,25,020 Cr in Jun’23.
•  Current deposits increased by 16.94% YoY to Rs.35,596 Cr in Jun’23.
• Domestic Advances increased by 7.98% YOY to Rs. 4,33,246 Cr in Jun’23.
•  RAM advances increased by 11.75% YOY to Rs.2,39,954 Cr, constituting 55.39% of Advances in Jun’23.
•  Retail Credit grew by 15.05% YOY to Rs.95,963 Cr in Jun’23.
•  Agriculture Credit grew by 10.10% YOY to Rs.72,801 Cr in Jun’23.
•  MSME Credit grew by 9.19% YOY to Rs.71,190 Cr in Jun’23.
•  Overseas Deposits increased by 12.91% YOY to Rs. 1,07,027 Cr and Overseas Advances increased by 11.08% YOY to Rs. 85,018 Cr in Jun’23.

Capital Adequacy:

•  As of 30.06.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.60% against 16.28% in Mar’23.
•  CET-1 ratio stood at 13.02% as on Jun’23 against 13.60% in Mar’23.

Priority Sector, Financial Inclusion & Digital Banking:

•  Priority Sector Advances increased by 8.89% YOY and achieved 43.14% of ANBC as on Jun’23. Agricultural advances achieved 18.98% of ANBC.
•  Advances to Small & Marginal Farmers achieved 12.09% of ANBC in Jun’23 against the regulatory norm of 9%.
• Advances to Weaker Sections achieved 15.05% of ANBC in Jun’23 against the regulatory norm of 11%

PMJDY accounts increased to 285 lakhs as on Jun’23 from 271 lakhs in Jun’22. (No. in Lacs)

•  Internet Banking users: Increased to 8.55 million in Jun’23 from 8.08 million in Jun’22.
•  Mobile Banking users: Increased to 8.46 million in Jun’23 from 6.11 million in Jun’22.
•  Number of UPI transactions increased by 1.45 times to 8,625 lahks in Q1 FY24 from 5,911 lahks in Q1FY23.

Digital Products:

•  Bank has since created end-to-end Digital products, viz. SB accounts on the deposit side and Mudra/KCC/Personal loan/pensioner loan on the loan segment.
•  Customers can open SB accounts and avail loans without visiting the branch.
•  There are more than 20 products that will be rolled out in Q2 & Q3 of this year.
•  We are targeting at least Rs.10,000 Cr of business through Digital products by the end of this financial year.

Branch Network:

•  As of 30th June’23, the Bank has 5129 Domestic branches.
•  Rural: 1852 (36%), Semi-Urban: 1456 (28%), Urban: 829 (16%), Metro: 992 (19%).

Awards & Accolades:

•  PT Bank of India Indonesia, the Subsidiary of our Bank has been ranked as no. 1 bank in Indonesia in the category of “Best Conventional Bank under KBMI I Category’ as declared by CNBC Indonesia.
• Our Bank was awarded “उत्कृ ष्ट पुरस्कार” of Digidhan Awards 2021-22 by the Union Ministry of Electronics and Information Technology for achieving the top position in overall performance in Digital Payments
•  Bank has received Infosys “Finacle Innovation Awards 2023” (Gold Winner) under the Category of Product Innovation for Product: HMCQR Menu.
•  Bank has won for “NUMERO UNO” Award in the “APY National Championship Cup” campaign from PFRDA for good performance in APY Campaign (01.10.2022 to 14.11.2022).
•  Bank has won for “Exemplary Award of Par Excellence” Award in the “Circle of Excellence” campaign from PFRDA for good performance in the APY Campaign (01.10.2022 to 14.11.2022).
•  Bank has been nominated for the “Annual APY Exemplary Award of Excellence” for achieving 162% of the Annual APY target (FY 2022-23) from PFRDA.
•  Bank has won the “NUMERO UNO” Award in the ‘Old Age Financial Freedom” Campaign for best performer Bank in PSB (FY 2022-23).