Bank of India Q2 Updates: Domestic Advances Up 15% To Rs 5.97 Lakh Crore

Bank of India's total domestic deposits grew 8.5% year-on-year to Rs 7.3 lakh crore in the second quarter of the current financial year from Rs 6.73 lakh crore in the year-ago period, the lender said in its provisional quarterly business updates on Monday.

The public sector bank's gross domestic advances rose 14.62% to Rs 5.97 lakh crore in the September quarter from Rs 5.65 lakh crore in the same period in the last fiscal, according to an exchange filing.

BOI's global business grew 11.8% to Rs 15.62 lakh crore, including a 13.94% rise in the global gross advances to Rs 7.09 lakh crore. The total global deposits grew 10.08% to Rs 8.53 lakh crore, it said.

The banks domestic retail term deposit rose 14.15% to Rs 3.45 lakh crore from Rs 3.02 lakh crore.

Bank Of India Q1 Performance

Bank of India's standalone net profit during the quarter ended June rose 32% to Rs 2,252.1 crore, compared to Rs 1,702.7 crore in the year-ago period.

The net interest income — the difference of interest earned and interest paid — for the quarter fell 3% to Rs 6,068.1 crore. This compares to Rs 6,275.8 crore reported in the corresponding quarter of the previous fiscal.

Bank of India's asset quality also improved during the quarter under review, with the gross non-performing assets ratio declining to 2.92% from 3.27% in the January-March period. In absolute terms, the gross NPA slipped to Rs 19,640.2 crore from Rs 21,748.9 crore in the last quarter.

The net NPA ratio contracted seven basis points to 0.75% from 0.82% in the preceding quarter. In absolute terms, the net NPA slipped to Rs 4,949.89 crore from Rs 5,358.49 crore.

Bank Of India Share Price Today

The business update was shared after market hours. The stock settled 0.41% higher at Rs 126.04 apiece on the NSE, compared to a 0.74% advance in the benchmark Nifty 50. The shares earlier during the day fell as much as 1.19% to Rs 124.03 per share, however it gained momentum towards the end of Monday's session and rose 0.73% to Rs 126.45 per share.

Bank of India's shares have risen 23.69% in the last 12 months and 15.89% year-to-date.

Out of seven analysts tracking the company, five maintain a 'buy' rating, one recommends a 'hold' and one suggests 'sell', according to Bloomberg data. The average 12-month consensus price target of Rs 133.50 implies an upside of 5.9%.