Bank of India Q3 FY 2015 Net Profit at Rs.173 Crore

- Global Business increased to Rs.9,40,623 crore in December-14. (10.25% over Mar’14 & 16.03% Y-O-Y)

- Bank of India is the first PSU bank to launch Instant-Money-Transfer on all ATMs nationwide

- As of December 31, 2014, Bank’s distribution network at 4,835 Branches and 6,169 ATMs, with increase of 189 Branches and 1,944 ATMs

- Merchant banking subsidiary has become operational. e-Biz business started on 27.12.2014.

Bank of India, ranked amongst the topmost PSU banks in the country, has announced that its Net Profit for the quarter ended December 31, 2014, stood at Rs.173 crore and Operating Profit stood at Rs.1,865 crore. Net Interest Income improves to Rs.2,780 crore. Non-Interest Income stood at Rs.1,080 crore.  Smt. VR Iyer, Chairperson and Managing Director, Bank of India, announced the financial results of the Bank for the Quarter/ Nine Months ended 31st Dec 2014 after adoption by the Board of Directors.

Net Profit for the nine months ended 31^st December stood at Rs.1,765 crore and Operating Profit stood at Rs.6,061 crore. For the nine months of FY15, Net Interest Income improves to Rs.8,497 crore and Non-Interest Income stood at Rs.3,111 crore.

Smt. VR Iyer, Chairperson and Managing Director, Bank of India, said, “Bank of India is the first PSU bank to launch Instant-Money-Transfer on all ATMs nationwide. Merchant banking subsidiary has become operational. e-Biz business started on 27.12.2014. It is the first PSU bank to launch Face-book Page. The growth drivers for FY15 are scaling up retail and SME loans, buoyancy in fee income, pre emptive and preventive NPA management, improved engagement with customers and tactical channel improvements. To augment the flow of Credit to Retail and SME, we have 50 Retail Business Centers (RBCs) and 30 SME City Centres across the country. Loan portfolio growth in Retail has been 23% YoY, whereas schematic retail has grown by 28%.Micro and Small enterprises have registered a growth of 31% YoY. Bank has entered tie-up with Maruti Suzuki, Tata Motors, IOCL, Atul Auto Ltd and SAIL for financing their dealers.”

“In terms of buoyancy in fee income, transaction banking has gathered momentum. We are extending our services as Nodal Bank/ Settlement Bank for State Governments. Merchant banking subsidiary has become operational. e-Biz business started on 27.12.2014. During this FY, we have added 1,882 ATMs taking the Total to 6107 ATMs; 145 Branches of Future (Total: 275); and 255 e-galleries (Total: 310).  Over 77.42 Lakhs accounts have been opened under PMJDY and 75.08 lakh. Rupay Cards issued,” Smt. Iyer said.

As of December 31, 2014, Bank’s distribution network at 4,835 Branches and 6,169 ATMs, with increase of 189 Branches and 1,944 ATMs over 4,646 Branches and 4,225 ATMs as of March 31st 2014.

Global Business increased from Rs.8,10,687 crore in December-13  to Rs.8,53,202 crore in March 2014 and to Rs.9,40,623 crore in December-14. (10.25% over Mar’14 & YoY is 16.03%). Global Deposits increased from Rs.4,54,140 crore in December-13 to Rs.4,76,974 crore in March-14 and to Rs.5,30,213 crore in December-14. (11.16% over Mar-14 & YoY is 16.75%). Global Advances increased from Rs.3,56,547 crore in December-13  to Rs.3,76,228 crore in March-14 and to Rs.4,10,410 crore in December-14. (9.09% over Mar-13 & YoY is 15.11%). Domestic Business increased from Rs.5,75,117 crore in December-13  to Rs.6,27,850 crore in March 2014 and to Rs.6,72,225crore in December-14. (7.07% over Mar’14 & YoY is 16.88%). Domestic Deposits increased from Rs.3,39,714 crore in December-13  to Rs.3,63,590 crore in March 2014 and to Rs.3,96,122 crore in December-14. (8.95% over Mar’14 & YoY is 16.60%). Domestic Advances increased from Rs.2,35,403 crore in December-13 to Rs. 2,64,260 crore in March 2014 and to Rs.2,76,103 crore in December-14. (4.48% over Mar’14 & YoY is 17.29%). International Business increased from Rs.2,35,570 crore in December-13  to Rs. 2,68,398 crore in December-14. (YoY is 13.94%). International Deposits increased from Rs.1,14,426 crore in December-13  to Rs. 1,34,091crore in December-14. (YoY is 17.19%). International Advances increased from Rs.1,21,144 crore in December-13  to Rs. 1,34,307crore in December-14. (YoY is 10.87%). CASA Deposits increased from Rs.1,01,957 crore in December-13 to Rs.1,11,161 crore in December-14. (YoY is 9.03%). Savings Deposits increased from Rs.82,138 crore in December-13 to Rs.90,182 crore in December-14. (YoY is 9.79%). Current Deposits increased from Rs.19,819 crore in December-13 to Rs.20,979 crore in December-14. (YoY is 5.85%).

Gross NPA ratio stood at 4.07% in December-14 as against 2.81% in December-13. Net NPA ratio stood at 2.50% in December-14  as against 1.75% in December-13. Provision Coverage Ratio stood at 56.62%. Capital Adequacy Ratio of the Bank under Basel III is 10.68% as on December 31, 2014. Tier I CRAR is 7.77% as on December 31, 2014; Tier II CRAR is 2.91% as on December 31, 2014.

Important Ratios (Q3 of FY 2014-15): Global NIM stood at 2.07% in December-14, Domestic NIM stood at 2.49% in December-14. Yield on Advances (Global) stood at 8.23% in December-14 and Yield on Advances (Domestic) stood at 11.07% in December-14. Cost of Deposits (Global) stood at 5.70% in December-14 and Cost of Deposits (Domestic) stood at 7.30% in December-14. Business per Employee increased from Rs.18.44 crore in December-13 to Rs.20.40 crore in December-14 and Business per Branch improved from Rs.178.13 crore in December-13 to Rs.193.38 crore in December-14.

Awards & Accolades: Bank received “Best MSME Bank” and “Best Bank for operational performance” awards from CIMSME (Chamber of Indian Micro Small & Medium Enterprises). Bank received “Best HR Technology award, 2014” from Banking Frontiers at Mumbai. Financial Inclusion & Payment System Award by Elets Media at New Delhi at the hands of  Minister of Rural Development. Bank won IT excellence award by ETNOW and VMWare for effectively implementing Virtualization in the Bank. Bank received the Award CIO100 2014 for the product Startoken NG. Financial Inclusion Deepening Award – June 2014. Bank received Skoch Group Financial Inclusion Deepening Award – June 2014. Bank has received “Best Banker” award at the India SME excellence Awards-2013, for exemplary contribution in Banking Sector. Bank has received Skoch award 2013 for IT innovation.

For more information on BOI Financial Results, click here