Bank of India reported net revenue almost trebled to ₹1,551 crore year-on-year for the June quarter on improved asset quality.
Net Interest Income (NII) throughout the quarter elevated by 45% to ₹5,915 crore whereas Net Interest Margin (Global) improved by 49 bps.
Gross NPA ratio was down by 263 bps whereas net NPA ratio was down by 56 bps YoY. Provision Coverage Ratio (PCR) improved by 156 bps YoY.
While world deposits elevated by 8.71% YoY, the gross advances elevated by 8.48% YoY. The financial institution stated its slippage ratio improved to 0.53% in Q1FY24 towards 0.69% within the 12 months in the past interval.
The financial institution stated its world enterprise reached ₹12,14,808 crore with a progress of 8.61% YoY. Global advances grew by 8.48% YoY and reached ₹5,18,264 crore. Its world deposits elevated by 8.71% YoY to ₹6,96,544 crore.
The financial institution’s home deposits elevated by 7.98% YoY to ₹5,89,517 crore. Domestic advances elevated by 7.98% YOY to ₹4,33,246 crore.
Overseas deposits elevated by 12.91% YOY to ₹1,07,027 crore and abroad advances elevated by 11.08% YOY to ₹85,018 crore.
As on June 30, 2023, the financial institution’s complete Capital Adequacy Ratio (CRAR) was at 15.60% towards 16.28% in March 2023. CET-1 ratio stood at 13.02% as on June 2023 towards 13.60% in March 2023.
