Bank of India Q2 Results: PAT Surges 63% To Rs.2,374 Cr, NII Flat At Rs.5,986 Cr; Asset Quality Strengthens

Bank of India (BOI) released its financial results for the quarter that ended on September 30, 2024, on Monday. The quarter's net profit increased 63% year on year to Rs. 2,374 Cr in Q2FY25 compared to Rs. 1,458 Cr in Q2FY24. Operating profit was Rs. 4,147 Cr for Q2FY25 compared to Rs. 3,756 Cr for Q2FY24, a 10% YoY growth. According to BOI, its Net Interest Income (NII) climbed 4% year on year to Rs. 5,986 Cr for Q2FY25 compared to Rs. 5,740 Cr for Q2FY24. According to Bank of India, its non-interest income climbed 49% year on year to Rs. 2,518 Cr in the quarter under review from Rs. 1,688 Cr in the year-ago quarter.

The bank said that its operating expenses for Q2FY25 were Rs. 4,355 Cr, compared to Rs. 3,672 Cr for Q2FY24. Domestic deposits at the bank climbed 12.34% year on year from Rs. 5,98,850 Cr in the September 2023 quarter to Rs. 6,72,731 Cr in the September 2024 quarter. Meanwhile, domestic CASA expanded 7.26% year on year from Rs. 2,56,956 Cr in Q2FY24 to Rs. 2,75,618 Cr in Q2FY25 and the CASA ratio was 41.18%. Domestic advances went from Rs. 4,52,641 Cr in the same quarter of the previous year to Rs. 5,20,653 Cr on September 24-a 15.03% YoY growth. RAM Advances, which made up 57.70% of advances in the September 2024 quarter, grew 19.74% year on year to Rs. 3,00,412 Cr.

According to BOI, its net non-performing assets (NPA) decreased by 29% year on year from Rs. 7,978 Cr to Rs. 5,649 Cr, while its gross non-performing assets (NPA) decreased by 13% in Q2FY24 from Rs. 31,719 Cr to Rs. 27,456 Cr.

The GNPA ratio of Bank of India increased by 143 basis points from 5.84% in the September 23 quarter to 4.41% in Q2FY25, while the Net NPA ratio increased by 60 basis points from 1.54% in Q2FY24 to 0.94% in Q2FY25. In September 2024, the Provision Coverage Ratio (PCR) was 92.22%. As of 30.09.24, the bank's total capital adequacy ratio (CRAR) was 16.63%, up 100 basis points from 15.63% on 30.09.23.

In Q2 of FY25, the bank opened 5.77 lakh new PMJDY accounts, while in H1 of FY25, it opened 9.55 lakh new accounts. The bank has 5191 domestic branches as of September 30, 24. 1868 (36%) in rural areas, 1493 (29%), 836 (16%) in urban areas, 992 (19%) in metro areas, and two digital banking units.