Bank of India Q2 FY14 Net rises 106%; Net Interest Income grows 15%

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By Vivek K Email: indianshowbusiness@gmail.com Mob: 09920183006

Bank of India announced a Net Profit of Rs. 622 crore, a growth of 105.96%, for the quarter ended September 30, 2013, as compared to Rs. 302 crore in Q2 FY13. The Operating Profit improves from Rs. 1,854 Crore in September-12 to Rs.2,103 Crore in September-13 (Growth: 13.43%). Net Interest Income improves from Rs. 2,196 Crore in September-12 to Rs.2,527 Crore in September-13 (Growth: 15.07%). Non-Interest Income improves from Rs. 894 Crore in September-12 to Rs.1,100 Crore in September-13 (Growth: 23.04%). Gross NPA Ratio stood at 2.93%; Net NPA Ratio was 1.85%; Provision Coverage Ratio was 63.29% for Q2.

Mrs. VR Iyer, Chairman & Managing Director, Bank of India, said, “Our Motto is “PERFORM TO POTENTIAL”. We shall now emphasis on CASA growth and expansion of SME, Retail and Rural Business. We shall focus on Credit Monitoring and Recovery in NPA. We shall also focus on inclusive Growth through Financial Inclusion. We shall monitor progress on Alternate Delivery Channels for better Customer Satisfaction. We shall focus attention on Human Resources.”

L to R: Mr. GS Bhagat (GM), Mr. SK Datta (CGM), Mrs. VR Iyer (CMD) and Mr. AK Verma (CFO) at the Q2 results press conference of Bank of India

Global Business increased from Rs. 5,93,073 crore in September-12 to Rs. 6,74,808 crore in March 2013 (13.78%) and to Rs. 7,69,105 crore in September-13. (13.97% over Mar 13 & YoY is 29.68%). Global Deposits increased from Rs. 3,32,694 crore in September-12 to Rs.381840 crore in March-13 (14.77%) and to Rs.4,32,282 crore in September-13. (13.21% over Mar-13 & YoY is 29.93%). Global Advances increased from Rs. 2,60,379 crore in September-12 to Rs. 292968 crore in March-13 (12.52%) and to Rs.3,36,823 crore in September-13. (14.97% over Mar-13 & YoY is 29.36%).

Domestic Business increased from Rs. 4, 47,271 crore in September-12 to Rs.4, 98, 103 crore in March-13 (11.36%) and to Rs.5,55,007 crore in September-13. (11.42% over Mar-13 & YoY is 24.09%). Domestic Deposits increased from Rs. 2, 64, 745 crore in September-12 to Rs. 2,94,067 crore in March-13 (11.08%) and to Rs.3,22,193 crore in September-13. (9.56% over Mar-13 & YoY is 21.70%) Domestic Advances increased from Rs. 1,82,526 crore in September-12 to Rs.2,04,036 crore in Mar-13.(11.78%) and to Rs.2,32,815 crore (14.10% over Mar-13 & YoY is 27.55%)

International Business increased from Rs. 1,45,802 crore in September-12 to Rs.1,76,705 crore in March-13 (21.20%) and to Rs.2,14,098 crore in September-13. (21.16% over Mar-13 & YoY is 46.84%). International Deposits increased from Rs. 67,949 crore in September-12 to Rs.87,773 crore in March-13 (29.17%) and to Rs.110,089 crore in September-13. (25.43% over Mar-13 & YoY is 62.02%). International Advances increased from Rs. 77,853 crore in September-12 to Rs.88,932 crore in March-13 (14.23%) and to Rs.104,009 crore in September-13. (16.95% over Mar-13 & YoY is 33.60%).

 

CASA Deposits increased from Rs.84,170 crore in September-12 to Rs.93,800 crore in March-13 (11.44%) and to Rs.95,828 crore in Septermber-13. (2.16% over Mar-13 & YoY is 13.85%). Savings Deposits increased from Rs.70,979 crore in September-12 to Rs.77,031crore in March-13 (8.53%) and to Rs.80,283 crore in September-13 (4.22% over Mar-13 & YoY is 13.11%. Current Deposits increased from Rs.13,191 in September-12 to Rs.16,769 crore in March-13 (27.12%) and to Rs. 15,545 crore in September-13 (-7.30% over Mar-13 & YoY is 17.84%).

Gross NPA ratio improves from 3.04% in June-13 to 2.93% in September-13 (3.42% in September-12). Net NPA ratio improves from 2.10% in June-13 to 1.85% in September-13 (2.04% in September-12). Provision Coverage Ratio improves from 60.96% in September-12 to 63.29% in September-13.

Capital Adequacy Ratio of the Bank under Basel II is 11.30%* as on September 30, 2013. Tier I CRAR is 8.13%* as on September 30, 2013. Tier II CRAR is 3.17%* as on September 30, 2013. Capital Adequacy Ratio of the Bank under Basel III is 10.77% as on September 30, 2013. * (including Additional Capital Infusion of Rs.1000 crore approved by GOI).

As of September 30th 2013, Bank’s distribution network at 4479 Branches and 2905 ATMs, with increase of 187 Branches and 772 ATMs over 4292 Branches and 2133 ATMs as of March 31st 2013.

Important Ratios

Global NIM improves from 2.35% in September-12 to 2.39% in September-13, Domestic NIM improves from 2.70% in September-12 to 2.93% in September-13.

Return on Assets (ROA) improves from 0.58% in September-12 to 0.63% in September-13.

Cost to Income ratio is 41.69% in September-13.

Business per Employee increased from Rs.13.68 crore in September-12 to Rs.17.47 crore in September-13 and Business per Branch improved from Rs.143.22 crore in September-12 to Rs.170.61 crore in September-13.

Cost of Deposit brought down from 6.02% in September-12 to 5.71% in September-13.

 

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