November 03, 2024 01:07 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Andhra Pradesh: Three-year-old girl raped and murdered by relative in Tirupati | Two terrorists killed in encounter with security forces in Kashmir's Anantnag | Bengal: 5-year-old girl raped and murdered in Alipurduar, accused beaten to death by angry villagers | Kashmir: Encounter breaks out between security forces and terrorists in Srinagar | Mumbai Police initiates extradition process to bring back Lawrence Bishnoi's brother Anmol Bishnoi from US
Bank of India's Q3 Results: Profits move up by 12 percent
Bank of India
Image: UNI

Bank of India's Q3 Results: Profits move up by 12 percent

| @indiablooms | 17 Jan 2023, 06:51 pm

Kolkata/New Delhi: State-owned Bank of India 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 domestic 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 stood 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).

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.