Bank of India (BOI) reported strong financial performance for the quarter ending September 30, 2024 (Q2FY25). The bank’s net profit surged 63% year-on-year (YoY) to ₹2,374 crore, up from ₹1,458 crore in Q2FY24. Operating profit also grew, reaching ₹4,147 crore—a 10% YoY increase compared to ₹3,756 crore in the same quarter last year. Net Interest Income (NII) rose by 4% YoY to ₹5,986 crore, while non-interest income saw a remarkable 49% increase to ₹2,518 crore, highlighting significant growth in revenue sources beyond interest income.
BOI’s operating expenses climbed to ₹4,355 crore from ₹3,672 crore in Q2FY24, reflecting expanded business activity. Domestic deposits increased by 12.34% YoY to ₹6,72,731 crore, and domestic advances grew by 15.03% to ₹5,20,653 crore. Retail, Agriculture, and MSME (RAM) advances, which now constitute 57.7% of the bank’s total advances, rose by 19.74% YoY to ₹3,00,412 crore, underscoring BOI’s emphasis on these key segments.
In terms of asset quality, BOI made notable improvements. Net Non-Performing Assets (NPAs) dropped 29% YoY to ₹5,649 crore, while Gross NPAs declined 13% to ₹27,456 crore. The Gross NPA ratio improved to 4.41% from 5.84% in the previous year, and the Net NPA ratio reduced to 0.94% from 1.54%. BOI’s Provision Coverage Ratio (PCR) remained robust at 92.22%, and its Capital Adequacy Ratio (CRAR) rose to 16.63%, up from 15.63% the year prior.
Additionally, BOI opened 5.77 lakh new PMJDY accounts in Q2FY25, contributing to a total of 9.55 lakh new accounts for the first half of the fiscal year. The bank’s network includes 5,191 domestic branches, covering rural, semi-urban, urban, and metro areas, along with two digital banking units.
Disclaimer: This information is for general purposes only and should not be considered financial advice. Please consult with a financial advisor before making investment decisions.
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