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Bank of India - Q1 FY21 Results update

Bank of India - Q1 (Cons) update Highlights Net Profit up 247% to Rs.844 crore Operating Profi

Bank of India - Q1 (Cons) update

Highlights

  • Net Profit up 247% to Rs.844 crore
  • Operating Profit up by 25.27%
  • Global Business increases by 13.77% YoY to Rs.10,10,675 crore surpassing Rs.10 lakh crore milestone
  • Cost to Income Ratio goes down from 51.47% in Q1 FY 2019-20 to 45.18% in Q1 FY 2020-21
  • Net NPA ratio at 3.58%, down from 3.88% sequentially
  • Provision Coverage Ratio at 84.87%

ASSET QUALITY:

  • Bank’s Gross NPA declined from Rs 62,068 crore in June 2019 and Rs.61,550 crore in March 2020 to Rs. 57,788 crore in June 2020. The Net NPA also declined from Rs. 19,288 crore in June 2019 and Rs.14,320 crore in March 2020 to Rs. 13,275 crore in June 2020.
  • Gross NPA ratio improved with respect to June 2019 as well as March 2020. From 16.50% in June 2019 and 14.78% in March, 2020, it came down to 13.91% in June, 2020. Similarly, Net NPA ratio came down from 5.79% in June 2019 and 3.88% in March 2020 to 3.58% in June 30, 2020.
  • Provision Coverage Ratio (PCR) improved both on YoY basis as well as sequentially, from 77.18% in June 2019 and 83.74% in March, 2020, the ratio further improved to 84.87% in June, 2020.

PROFIT – Q1 FY2020-21:

  • Bank’s Operating Profit went up from Rs. 2,271 crore during Q1 FY 2019-20 to Rs. 2,845 crore during Q1 FY 2020-21, registering an increase of 25.27%.
  • Net Profit (PAT) of the Bank jumped by 247% from Rs. 243 crore for Q1 FY2019- 20 to Rs. 844 crore in Q1 FY 2020-21.
  • Net Interest Income (NII) stood Rs. 3,481 crore in Q1 FY 2019-20 against Rs.3485 crore in Q1 FY 2020-21.
  • Non-Interest Income increased to Rs.1,707 crore during Q1 FY 2020-21 from Rs. 1,195 crore during Q1 FY 2019-20, indicating a growth of 42.85%. The non-interest income was bolstered by growth in Treasury income.

RATIOS:

  • NIM (global) stood at 2.48% in June 2020 against 2.67% in June 2019. NIM (Domestic) stood at 2.73% in June 2020 against 3.03% in June 2019. The decline in NIM could be attributed, among others, to somewhat muted growth in loan book and efforts towards effective rate transmission.
  • Cost to Income Ratio (global) improved both YoY and sequentially. From 51.47% in June 2019 and 51.60% in March, 2020 the ratio improved to 45.18% in June, 2020.
  • Cost of Deposits (global) improved both YoY and sequentially. From 4.56% in June 2019 and 4.53% in March, 2020 the ratio improved to 4.32% in June, 2020.

Full Read: Bank of India Q1FY21.pdf (2.42 mb)

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