MUMBAI: Bank of India announced its results for Q1FY24 reporting a net profit increase of 176% YoY to Rs.1,551 Cr in Q1FY24 against Rs.561 Cr in Q1FY23. Operating Profit increased by 72% YoY to Rs.3,752 Cr for Q1FY24 against Rs.2,183 Cr for Q1FY23.
On the Asset quality front, the GNPA ratio is down by 263 bps YoY, and the Net NPA ratio is down by 56 bps YoY. Provision Coverage Ratio (PCR) improved by 156 bps YoY.
Global Business crossed the 12 lakh crore mark, increasing by 8.61%. Global Deposits increased by 8.71% YoY. Gross Advances increased by 8.48% YoY.
Net Interest Income (NII) increased by 45% YoY to Rs.5,915 Cr for Q1FY24 against Rs.4,072 Cr in Q1FY23. Non-Interest Income increased by 27% YoY to Rs.1,462 Cr in Q1FY24 against Rs.1,152 Cr for Q1FY23.
Domestic Deposits increased by 7.98% YoY to Rs. 5,89,517 Cr in Jun’23. Domestic CASA went up by 7.56% YoY to Rs. 2,60,615 Cr in Jun’23 and the CASA ratio stood at 44.52%.
RAM advances increased by 11.75% YOY to Rs.2,39,954 Cr, constituting 55.39% of Advances in Jun’23.
As of 30.06.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.60% against 16.28% in Mar’23. CET-1 ratio stood at 13.02% as on Jun’23 against 13.60% in Mar’23.
The Bank has since 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 of loans without visiting the branch. There are more than 20 products that will be rolled out in Q2 & Q3 of this year. The bank is targeting at least Rs.10,000 Cr of business through Digital products by the end of this financial year. As of 30th June’23, the Bank has 5129 Domestic branches. Rural: 1852 (36%), Semi-Urban: 1456 (28%), Urban: 829 (16%), Metro: 992 (19%).
Results Summary for Q1 – FY2024
Key highlights:
- Net Profit increased by 176% YoY to Rs.1,551 Cr.
- Operating Profit increased by 72% YoY to Rs.3,752 Cr.
- Net Interest Income increased by 45% YoY to Rs.5,915 Cr.
- NIM (Global) improved by 49 bps YoY.
- The yield on Advances (Dom.) improved by 157 bps YoY.
- The gross NPA ratio is down by 263 bps YoY.
- The net NPA ratio is down by 56 bps YoY.
- Provision Coverage Ratio (PCR) improved by 156 bps YoY.
- CRAR stood at 15.60%, with CET-1 ratio at 13.02%.
- Global Business crossed the 12 lakh crore mark, increasing by 8.61%.
- Global Deposits increased by 8.71% YoY.
- Gross Advances increased by 8.48% YoY.
- RAM Advances grew by 11.75% YoY and it constitutes 55.39% of Advances.
- Retail Credit grew by 15.05% YoY.
- Agriculture Credit grew by 10.10% YoY. MSME Credit grew by 9.19% YoY.
- CASA deposits increased by 7.56% YoY and CASA ratio at 44.52%.
Profitability Q1FY24:
- Net Profit increased by 176% YoY to Rs.1,551 Cr in Q1FY24 against Rs.561 Cr in Q1FY23.
- Operating Profit increased by 72% YoY to Rs.3,752 Cr for Q1FY24 against Rs.2,183 Cr for Q1FY23.
- Net Interest Income (NII) increased by 45% YoY to Rs.5,915 Cr for Q1FY24 against Rs.4,072 Cr in Q1FY23.
- Non-Interest Income increased by 27% YoY to Rs.1,462 Cr in Q1FY24 against Rs.1,152 Cr for Q1FY23.
Ratios:
- NIM (Global) improved by 49 bps to 3.03% in Q1FY24 against 2.54% in Q1FY23. NIM (Domestic) improved by 51 bps to 3.37% in Q1FY24 against 2.87% in Q1FY23.
- Return on Assets (RoA) improved by 42 bps to 0.71% in Q1FY24 against 0.29% in Q1FY23.
- Return on Equity (RoE) improved by 806 bps to 14.90% in Q1FY24 against 6.84% in Q1FY’23.
- The cost to Income ratio (Global) improved by 908 bps to 49.14% in Q1FY24 against 58.22% in Q1FY23.
- The slippage ratio improved to 0.53% in Q1FY24 against 0.69% in Q1FY23.
- Credit Cost stood improved to 0.64% in Q1FY24 against 1.21% in Q1FY23.
- The yield on Advances (Global) improved by 157 bps to 8.10% in Q1FY24 against 6.53% in Q1FY23.
- Cost of Deposits (Global) stood at 4.22% in Q1FY24 against 3.49% in Q1FY23.
Productivity Ratios:
- Business per employee improved to Rs.23.21 Cr in Jun’23 from Rs.21.26 Cr in Jun’22.
- Business per branch improved to Rs.237.04 Cr in Jun’23 from Rs.218.24 Cr in Jun’22
- Net Profit per employee improved to Rs.11.85 lakh in Jun’23 from Rs.4.27 lakh in Jun’22.
- Net Profit per branch improved to Rs.121.06 lakh in Jun’23 from Rs.43.82 lakh in Jun’22.
Global and Domestic Business Growth:
- Global Business crossed 12 lakh crore and reached Rs.12,14,808 Cr with a growth of 8.61% YoY in Jun’23.
- Global Advances grew by 8.48% YoY and reached Rs. 5,18,264 Cr in Jun’23.
- Global Deposits increased by 8.71% YoY to Rs. 6,96,544 Cr in Jun’23.
- Domestic Deposits increased by 7.98% YoY to Rs. 5,89,517 Cr in Jun’23.
- Domestic CASA went up by 7.56% YoY to Rs. 2,60,615 Cr in Jun’23 and the CASA ratio stood at 44.52%.
- Savings deposits increased by 6.21% YoY to Rs.2,25,020 Cr in Jun’23.
- Current deposits increased by 16.94% YoY to Rs.35,596 Cr in Jun’23.
- Domestic Advances increased by 7.98% YOY to Rs. 4,33,246 Cr in Jun’23.
- RAM advances increased by 11.75% YOY to Rs.2,39,954 Cr, constituting 55.39% of Advances in Jun’23.
- Retail Credit grew by 15.05% YOY to Rs.95,963 Cr in Jun’23.
- Agriculture Credit grew by 10.10% YOY to Rs.72,801 Cr in Jun’23.
- MSME Credit grew by 9.19% YOY to Rs.71,190 Cr in Jun’23.
- Overseas Deposits increased by 12.91% YOY to Rs. 1,07,027 Cr and Overseas Advances increased by 11.08% YOY to Rs. 85,018 Cr in Jun’23.
Capital Adequacy:
- As of 30.06.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.60% against 16.28% in Mar’23.
- CET-1 ratio stood at 13.02% as on Jun’23 against 13.60% in Mar’23.
Priority Sector, Financial Inclusion & Digital Banking:
- Priority Sector Advances increased by 8.89% YOY and achieved 43.14% of ANBC as on Jun’23. Agricultural advances achieved 18.98% of ANBC.
- Advances to Small & Marginal Farmers achieved 12.09% of ANBC in Jun’23 against the regulatory norm of 9%.
- Advances to Weaker Sections achieved 15.05% of ANBC in Jun’23 against the regulatory norm of 11%
PMJDY accounts increased to 285 lakhs as on Jun’23 from 271 lakhs in Jun’22. (No. in Lacs)
| JANSURAKSHA ENROLLMENT | 30.06.22 | 30.06.23 |
| PMJJBY | 59.10 | 97.96 |
| PMSBY | 144.09 | 189.51 |
| APY | 21.28 | 28.12 |
- Internet Banking users: Increased to 8.55 million in Jun’23 from 8.08 million in Jun’22.
- Mobile Banking users: Increased to 8.46 million in Jun’23 from 6.11 million in Jun’22.
- The number of UPI transactions increased by 1.45 times to 8,625 lakh in Q1 FY24 from 5,911 lakh in Q1 FY23.
Digital Products:
- Bank has since 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 of loans without visiting the branch.
- There are more than 20 products that will be rolled out in Q2 & Q3 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 of 30th June’23, the Bank has 5129 Domestic branches.
- Rural: 1852 (36%), Semi-Urban: 1456 (28%), Urban: 829 (16%), Metro: 992 (19%).
Awards & Accolades:
- PT Bank of India Indonesia, the Subsidiary of our Bank has been ranked as the no. 1 bank in Indonesia in the category of “Best Conventional Bank under KBMI I Category’ as declared by CNBC Indonesia.
- Our Bank was awarded “उत्कृ ष्ट पुरस्कार” of Digidhan Awards 2021-22 by the Union Ministry of Electronics and Information Technology for achieving top position in overall performance in Digital Payments
- Bank has received Infosys “Finacle Innovation Awards 2023” (Gold Winner) under the Category of Product Innovation for Product: HMCQR Menu.
- Bank has won for “NUMERO UNO” Award in the “APY National Championship Cup” campaign from PFRDA for good performance in APY Campaign (01.10.2022 to 14.11.2022).
- Bank has won for “Exemplary Award of Par Excellence” Award in the “Circle of Excellence” campaign from PFRDA for good performance in the APY Campaign (01.10.2022 to 14.11.2022).
- Bank has been nominated for the “Annual APY Exemplary Award of Excellence” for achieving 162% of the Annual APY target (FY 2022-23) from PFRDA.
- Bank has won the “NUMERO UNO” Award in the ‘Old Age Financial Freedom” Campaign for the best performer Bank in PSB (FY 2022-23).
