State-owned Bank of India on Friday (July 4) reported a 10.3% year-on-year (YoY) growth in its global business for the first quarter, reaching ₹15.05 lakh crore compared to ₹13.65 lakh crore in the same period last year.
Global deposits stood at ₹8.34 lakh crore, reflecting a modest rise of 0.1% from ₹7.64 lakh crore a year ago. Global gross advances increased 12% to ₹6.72 lakh crore from ₹6 lakh crore in the year-ago period.
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On the domestic front, deposits grew 9.6% YoY to ₹7.10 lakh crore from ₹6.48 lakh crore. Domestic gross advances also rose 11.2%, reaching ₹5.65 lakh crore compared to ₹5.08 lakh crore in the corresponding quarter last year.
Solid fourth quarter
Bank of India’s net profit rose 82.5% YoY to ₹2,626 crore, compared to ₹1,439 crore in the same quarter a year ago. The bank’s net interest income (NII) or core income rose 2.1% to ₹6,063 crore against ₹5,936 crore in the year-ago quarter.
The company’s asset quality also improved, with gross non-performing assets (NPA) declining to 3.27% from 3.69%, and net NPA reducing to 0.82% from 0.85% last year. The lender’s provisions stood at ₹1,337.7 crore against ₹303.7 crore quarter-on-quarter and ₹1,826 crore on-year.
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Bank of India recommended a dividend of ₹4.05 (40.50%) per equity share of ₹10 face value for the financial year 2024-25.
Shares of Bank of India Ltd ended at ₹117.75, down by ₹0.60, or 0.51%, on the BSE.
