Bank of India posts Net Profit at Rs.87.7 crore in Q1FY18

Shri Dinabandhu Mohapatra (MD & CEO, Bank of India) addressing the gathering at the announcement of the bank’s Q1 FY18 financial results announcement - Photo By Sachin Murdeshwar GPN NETWORKShri Dinabandhu Mohapatra (MD & CEO, Bank of India) addressing the gathering at the announcement of the bank’s Q1 FY18 financial results announcement - Photo By Sachin Murdeshwar GPN NETWORK
(L-R) Shri Shanker Iyer (General Manager & CFO, Bank of India); Shri N. Damodaran (Executive Director, Bank of India); Shri Dinabandhu Mohapatra (MD & CEO, Bank of India); Shri R.A. Sankara Narayanan (Executive Director, Bank of India) and Antanu Kumar Das (Executive Director, Bank of India) at the announcement of the Bank’s Q1 FY18 Financial Results - Photo By Sachin Murdeshwar GPN NETWORK

(L-R) Shri Shanker Iyer (General Manager & CFO, Bank of India); Shri N. Damodaran (Executive Director, Bank of India); Shri Dinabandhu Mohapatra (MD & CEO, Bank of India); Shri R.A. Sankara Narayanan (Executive Director, Bank of India) and Antanu Kumar Das (Executive Director, Bank of India) at the announcement of the Bank’s Q1 FY18 Financial Results – Photo By Sachin Murdeshwar GPN NETWORK

Mumbai, August 9, 2017 (GPN) :  Bank of India announced its audited results for the Q1 FY 2017-18, following the approval of its Board of Directors.   

 

BUSINESS:

·         Global Business of the Bank stood at Rs.934796 crore as on June 30, 2017 against Rs.885573 crore as on June 30,2016.

·         CASA Deposits grew by 25.2% YoY and its share in Domestic deposits improved from 35.33% in June 2016 to 39.12% in June 2017.

·         The Gross Advances at Rs.391062 crore, grew by 0.90% YoY.

·          Retail Loans increased by 13% YoY and stood at Rs 42,802 crore as on June 30, 2017. The share of Retail Loans in Total Domestic Advances increased from 13.80 % in June 2016 to 15.20% in June 2017.

·         Priority Sector advances stood at Rs 1,13,635 crore which constitutes 41.20 % of ANBC. Agriculture advances were Rs 54,542 crore forming 19.77% of ANBC. Both the sectoral advances were above the Regulatory stipulations.

·         The share of Retail Time Deposits of less than Rs. 1.00 crore constitutes 76.08 % of Bank’s total time deposits.

ASSET QUALITY:

·         Bank’s Gross NPA ratio declined sequentially ­and was 13.05% as on June 30, 2017 as against 13.22% as on March 31, 2017. The Net NPAratio declined to 6.70% as on June 30, 2017 against 6.90% as on March 31, 2017.

 

·         Total Global Restructured Standard Assets of the Bank were Rs 11679 crore as on June 30, 2017. The Total Stressed Assets (GNPA + Restructured Standard Assets) as percentage of Global Gross Advances declined from 16.47% in June,2016 to 16.03% in June,2017.

 

·         Gross NPA stood at Rs.51019 crore, which is lower than the end March,2017 level of Rs. 52045 crore. 

 

·         Net NPA also stood lower at Rs.24370 crore as on June 30, 2017 which is lower than the end March,2017 level of Rs.25305 crore.

 

·         The Provision Coverage Ratio improved from 53.06% in June 2016 to

63.54% in June 2017, which was at 61.47% in March,2017.

PROFIT – Q1 FY2017-18:

·         The Bank’s Operating Profit rose by 43.83%, from Rs. 1654 crore during Q1 2016-17 to Rs.2379 crore during Q1 2017-18.

·         The Net Profit (PAT) of the Bank stood at Rs.87.71 crore for Q1-FY2017-18 as against. (-) Rs.741 crore PAT for corresponding period last year and (-) Rs.1045.52 crore for Quarter ended March,2017.

·         Non-Interest Income in Q1-FY 2017-18 has improved to Rs.1611 crore  compared to Rs.1238 crore in Q1-FY 2016-17 with an increase of 30.08% YoY.

·         Total Operating Expenses has been curtailed by 25.22% from Rs.2360 crore in Q1-FY 2016-17 to Rs. 1765 crore in Q1-FY 2017-18.

CAPITAL ADEQUACY:

 

·         The CRAR on solo basis (Basel III) improved from 12.14% as on March 31, 2017 to 12.38% as on June 30, 2017. The Tier-I Capital stood at 9.02% and Tier -II Capital at 3.36% with an improvement over March,2017 which were 8.90% and 3.24%, respectively.

DIGITALISATION:

·         Debit cards base increased to 485 lakh as on June 30, 2017 from 376 lakh as on June 30, 2016.

·         Internet Banking users (Retail) increased to 43.23 lakh as on June 30, 2017 from 35.30 lakh as on June 30, 2016.

·         Mobile Banking users increased to 1.51 lakh as on June 30, 2017 from 1.29 lakh as on June 30, 2016.   

AWARDS:

·         Bank of India ranked as the 2ndMost Trusted Bank in the PSU Bank category by Economic Times.

·         IDRBT Banking Technology Excellence Award, Best Bank for Managing IT Ecosystem, large Bank category.

·          IDRBT Banking Technology Excellence Award, Best Bank for Electronic Payments, large bank category.

·         Ministry of MSME, Govt. of India National, Khadi and Village Industries  Award for Excellence in the field of Khadi & Village Industries, under PMEGP East & West Zones for FY2013-14 & FY2014-15 respectively.

·         In-house Magazine ‘Tarangan’ conferred with International award for Best In-house Magazine – 7thCMO Asia Award at Singapore.

·         RSETI award of Commendation- Third prize presented to Bank of India for contribution to the RSETI movement during FY-2015-16 under category “A”.

About the Author

Sachin Murdeshwar
Sachin Murdeshwar is a Sr.Journalist and Columnist in several Mainline Newspapers and Portals.He is an ardent traveller and likes to explore destinations to the core.

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