Bank of India Q1 Updates: Domestic Advances Up 11% To Rs 5.64 Lakh Crore
BOI's global business grew 10% to Rs 15 lakh crore, including a 12% rise in the global gross advances to Rs 6.7 lakh crore.
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Bank of India's total domestic deposits grew 9.6% year-on-year to Rs 7.1 lakh crore in the first quarter of the current financial year from Rs 6.48 lakh crore in the year-ago period, the lender said in its provisional quarterly business updates on Friday.
The public sector bank's domestic advances rose 11% to Rs 5.64 lakh crore in the June quarter from Rs 5.08 lakh crore in the same period in the last fiscal, according to an exchange filing.
BOI's global business grew 10% to Rs 15 lakh crore, including a 12% rise in the global gross advances to Rs 6.7 lakh crore. The total global deposits grew 9.1% to Rs 8.3 lakh crore, it said.
In June, BOI's board of directors had approved the issue of long-term infrastructure bonds for raising of funds up to Rs 20,000 crore during the current fiscal.
Recently, the lender had lowered its repo rate by 50 basis points, mirroring the Reserve Bank of India's jumbo rate cut, slashing it from 8.85% to 8.35%.
Q4 Performance
The lender's standalone net profit rose 82.5% on the year to Rs 2,626 crore in the January-March quarter from Rs 1,439 crore. BOI's net interest income rose 2% on a year-on-year basis to Rs 6,064 crore in the fourth quarter from Rs 5,936 crore.
Shares of BOI closed 0.51% lower at Rs 117.75 apiece on the BSE before the announcement, compared to a 0.23% advance in the benchmark Sensex.
