BoI’s Q2 net profit up by 52%

BoI's Internet Banking users Increased to 8.66 million in Sep'23 from 8.28 million in Sep'22

FinTech BizNews Service   

Mumbai, November 4, 2023: Bank of India has today announced its Q2FY24 results. BoI has reported an increase in the Net Profit by 52% YoY to Rs.1,458 Cr against Rs.960 Cr in Q2FY23.

KEY HIGHLIGHTS (Q2FY24)

• Net Profit increased by 52% YoY to Rs.1,458 Cr.
• Operating Profit increased by 11% YoY to Rs.3,756 Cr.
• Net Interest Income increased by 13% YoY to Rs.5,740 Cr.    NIM (Global) improved by 4 bps YoY to 3.08%.
• Yield on Advances (Dom.) improved by 133 bps YoY.    Gross NPA ratio down by 267 bps YoY.
• Net NPA ratio down by 38 bps YoY.
• Provision Coverage Ratio (PCR) improved by 62 bps YoY.    CRAR stood at 15.63%, with CET-1 ratio at 12.60%.
• Global Business increased by 9.25%.
• Global Deposits increased by 8.68% YoY.    Gross Advances increased by 10% YoY.
• RAM Advances grew by 12.32% YoY and it constitutes 55.50% of Advances.    Retail Credit grew by 14.65% YoY.
• Agriculture Credit grew by 10.82% YoY.    MSME Credit grew by 10.82% YoY.
• CASA deposits increased by 6.08% YoY and CASA ratio at 43.13%. 

Profitability:

Q2-FY24:

• Net Profit increased by 52% YoY and stood at Rs.1,458 Cr in Q2FY24 against Rs.960 Cr in Q2FY23.
• Operating Profit improved by 11% YoY and stood at Rs.3,756 Cr in Q2FY24 against Rs.3,374 Cr in Q2FY23.
• Net Interest Income (NII) improved by 13% YoY and stood at Rs.5,740 Cr in Q2FY24 against Rs.5,083 Cr for Q2FY23.
• Non-Interest Income improved by 19% YoY and stood at to Rs.1,688 Cr in Q2FY24 against Rs.1,417 Cr in Q2FY23.

H1-FY24:

• Net Profit increased by 98% YoY and stood at Rs.3,009 Cr in H1FY24 against Rs.1,521 Cr in H1FY23.
• Operating Profit improved by 35% YoY and stood at Rs.7,508 Cr in H1FY24 against Rs.5,557 Cr in H1FY23.
• Net Interest Income (NII) increased by 27% YoY and stood at Rs.11,653 Cr in H1FY24 against Rs.9,156 Cr in H1FY23.
• Non-Interest Income increased by 23% YoY and stood at Rs.3,150 Cr in H1FY24 against Rs.2,569 Cr in H1FY23.

Ratios (Q2-FY24):

• NIM (Global) improved by 4 bps YoY to 3.08% in Q2FY24 against 3.04% in Q2FY23. It improved by 5 bps on a sequential basis from 3.03% in Q1FY24.
• NIM (Domestic) stood at 3.47% in Q2FY24. It improved by 10 bps on a sequential basis from 3.37% in Q1FY24.
• Return on Assets (RoA) improved by 20 bps YoY to 0.67% in Q2FY24 against 0.47% in Q2FY23
• Return on Equity (RoE) improved by 230 bps to 12.64% in Q2FY24, against 10.34% in Q2FY23.
• Cost to Income ratio (Global) stood at 49.44% in Q2FY24.
• Slippage ratio stood at 0.34% in Q2FY24.
• Credit Cost improved to 0.54% in Q2FY24 against 0.60% in Q2FY23.
• Yield on Advances (Global) improved to 8.54% in Q2FY24 against 7.21% in Q2FY23.
• Cost of Deposits (Global) stood at 4.49% in Q2FY24 against 3.54% in Q2FY23.

 Ratios (H1-FY24):

• NIM (Global) improved by 25 bps YoY to 3.05% in H1FY24 against 2.80% in H1FY23.
• NIM (Domestic) improved by 23 bps YoY to 3.42% in H1FY24 against 3.19% in H1FY23.
• Return on Assets (RoA) improved by 30 bps YoY to 0.68% in H1FY24 against 0.38% in H1FY23.
• Return on Equity (RoE) improved by 545 bps to 13.72% in H1FY24, against 8.27% in H1FY23.
• Cost to Income ratio (Global) improved by 332 bps to 49.29% in H1FY24 against 52.61% in H1FY23.
• Credit Cost improved by 29 bps to 0.58% in H1FY24 against 0.87% in H1FY23.
• Yield on Advances (Global) improved by 142 bps to 8.32% in H1FY24 against 6.90% in H1FY23.
• Cost of Deposits (Global) stood at 4.35% in H1FY24 against 3.51% in H1FY23.

Business:

• Global Business increased by 9.25% YoY from Rs.11,41,356 Cr in Sep’22 to Rs.12,46,879 Cr in Sep’23.
• Global Deposits increased by 8.68% YoY from Rs. 6,47,541 Cr in Sep’22 to Rs.7,03,751 Cr in Sep’23.
• Global Advances increased by 10% YoY from Rs. 4,93,814  Cr in Sep’22 to Rs.5,43,128 Cr in Sep’23.
• Domestic Deposits increased by 8.61% YoY from Rs. 5,51,401 Cr in Sep’22 to Rs.5,98,850 Cr in Sep’23.
• Domestic CASA went up by 6.08% YoY from Rs.2,42,230 Cr in Sep’22 to Rs.2,56,956 Cr in Sep’23 and CASA ratio stood at 43.13%.
• Domestic Advances increased by 9.80% YoY from Rs. 4,12,233 Cr in Sep’22 to Rs. 4,52,641 Cr in Sep’23.
• RAM Advances increased by 12.32% YoY to Rs.2,51,197 Cr, constituting to 55.50% of Advances.
• Retail Credit grew by 14.65% YoY to Rs.1,00,260 Cr in Sep’23.
• Agriculture Credit grew by 10.82% YoY to Rs.77,206 Cr in Sep’23.
• MSME Credit grew by 10.82% YoY to Rs.73,731 Cr in Sep’23.

Asset Quality:

• Gross NPA declined by 8.28% QoQ from Rs.34,582 Cr in Jun’23 to Rs.31,719 Cr in Sep’23.
• Net NPA declined by 1.73% QoQ from Rs.8,119 Cr in Jun’23 to Rs.7,978 Cr in Sep’23.
• GNPA ratio improved by 83 bps from 6.67% in Jun’23 to 5.84% in Sep’23.
• Net NPA ratio improved by 11 bps from 1.65% in Jun’23 to 1.54% in Sep’23
• Provision Coverage Ratio (PCR) stood at 89.58% in Sep’23 against 89.52% in Jun’23.

Capital Adequacy:

• As on 30.09.2023, Bank's total Capital Adequacy Ratio (CRAR) was at 15.63% against 15.60% in Jun’23.
• CET-1 ratio stood at 12.60% as on 30.09.23.

Priority Sector:

• Priority Sector Advances increased by 9.25% YOY and achieved 42.95% of ANBC as on Sep’23. Agricultural advances achieved 19.31% of ANBC.
• Advances to Small & Marginal Farmers achieved 12.48% of ANBC in Sep’23 against regulatory norm of 10%.
• Advances to Weaker Sections achieved 15.53% of ANBC in Sep’23 against regulatory norm of 12%.

Financial Inclusion:

• PMJDY accounts increased to 289 lakhs as on Sep’23 from 276 lakhs in Sep’22.

(No. in Lacs)

Digital Banking:

• Internet Banking users: Increased to 8.66 million in Sep’23 from 8.28 million in Sep’22.
• Mobile Banking users: Increased to 9.12 million in Sep’23 from 7.14 million in Sep’22.
• Number of UPI users increased to 17.16 million in Sep’23 from 14.14 million in Sep’22. 

Digital Products:

• Bank has 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 branch.
• There are more than 15 products that will be rolled out in Q3 & Q4 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 on 30th Sep’23, the Bank has 5135 number of Domestic branches.
• Rural: 1855 (36%), Semi-Urban: 1456 (29%), Urban: 830 (16%), Metro: 992 (19%). 

Awards & Accolades:

• ‘Shine and Succeed 2023’ award from PFRDA for performance in Atal Pension Yojana.
• ‘Rise above the Rest 2023’ award from PFRDA for performance from 1st  July 2023 to 16th August 2023 in Atal Pension Yojana.

Social Media Presence:

   Number of Followers on Social Media as on 30.09.23: