Bank of India posted impressive growth in Net Profit, both annually and sequentially
Mumbai, 17 January 2023: Bank of India, a leading Public Sector Bank posted a rise by 20% sequentially in Net Profit at Rs. 1151 crore in the quarter ended December 31, 2022 (Q3FY23), driven by a steady rise in operating margins 8% sequentially.
Bank has demonstrated significant improvement in various important parameters during the third quarter. Operating Profit has jumped to Rs. 3,652 crore up by 74% YoY and by 8% sequentially. The Return on Assets (RoA) stood at 55 bps. The NIM% is reported at 3.28%, driven by the Domestic NIM% of 3.72%. The growth in profitability is mainly contributed by the growth in Advances, more particularly on the growth in RAM and corporate segments.
With better credit off take, considerable growth is witnessed in NIM%, which stood at 3.28% thereby improved by 101 bps YoY. NII stood at Rs. 5,596 crore up by 64% YoY and 10% sequentially. Yield on Advances at 7.67%, increased by 46 bps sequentially and 65 bps YoY.
RAM Advances grew by 13.24% on YoY basis and it constitutes 54.14% of Gross Advances. CASA deposits dome stic increased by 3.70% on YoY basis and the domestic CASA% is reported at 44.56% on Aggregate Deposits.
On the recovery front, bank took several steps which has brought down Gross NPA% to 7.66% with a significant decline by 280 bps on YoY basis and also reduced the Gross NPA on absolute number by Rs.6,875 crore on YoY basis. The Net NPA% has also declined and touched to 1.61%, down by 105 bps on YoY basis. Slippage Ratio sto od at 0.27% declined by 20 bps YoY. Both the Gross NPA and Net NPA have reduced on absolute and percentage basis on YoY and QoQ basis.
Cost to Income Ratio (Global) improved on sequential basis to 48.03% (as on 31.12.2022) as against 48.10% (as on 30.09.2022) and 60.03% (as on 31.12.2021).
