Mumbai, 12 November, 2018 (GPN): BANK OF INDIA today announced its Q2 FY 19 Financial Results at its Star House Head Office, BKC, Bandra, Mumbai.
· Global Business of the Bank stood at Rs. 8,88,320 crore as on September 30, 2018 against Rs. 9,34,403 crore as on September 30, 2017.
· Domestic Business stood at Rs.7,20,241 crore as on September 30, 2018 against Rs.7,00,902 crore in September, 2017, signifying Y-o-Y increase of 2.8%.
· CASA Deposits grew by 4.57% YoY and its share in Domestic deposits improved from 39.01 % in September 2017 to 41.44% in September 2018.
· The domestic Advances increased by 10.1% i.e. from Rs.2,78,185 crore in September, 2017 to Rs.3,06,320 crore in September, 2018. The Gross Advances (Global) stood at Rs. 376,178 crore as on September 30, 2018 against Rs. 390,687 crore as on September 30, 2017.
· The RAM Advances (Retail, Agriculture and MSME) increased from Rs.1,43,000 crore as on September 30, 2017 to Rs.153,099 crore as on September 30, 2018 and its share in Advances stood at 49.98% in September 2018.
· Priority Sector advances stood at Rs.120,469 crore which constitutes 41.38% of ANBC. Agriculture advances were Rs.51,400 crore forming 17.65% of ANBC.
· For the first time, the recovery and upgradation during the quarter, totaling Rs. 2698 crore surpassed the fresh slippage of Rs. 2624 crore.
· Bank’s Gross NPA ratio improved from 16.58% in March, 2018 and 16.66% in June, 2018 to 16.36% in September, 2018.
· Gross NPAs came down from Rs.62,328 crore in March, 2018 to Rs.61,561 crore in September 2018.
· Net NPA decreased from Rs.28,207 crore in March, 2018 and Rs. 27,932 crore in June, 2018 to Rs.25,994 crore as on September 30, 2018.
· There has been marked reduction in Net NPA ratio from 10.29% in December, 2017. The Net NPA ratio declined from 8.26% in March, 2018 and 8.45% in June 30, 2018 to 7.64% in September, 2018.
· The Provision Coverage Ratio improved from 65.23% in September 2017 and 66.67% in June, 2018 to 69.12% in September 2018.
PROFIT – Q2 FY2018-19:
· The Net Interest Income stood at Rs.2,927 crore in Sept, 2018 against Rs.2,908 crore in Sept, 2017.
· The Non-Interest Income stood at Rs.1,030 crore in Sept, 2018 against Rs.1,706 crore in Sept, 2017 primarily due to persistent hardening of G-Sec Yield. However, there was marked improvement in Recovery in written off account which went up by 231.8% from Rs. 85 crore in September, 2017 to Rs. 282 crore in September, 2018.
· The Operating Expenses stood at Rs.2,310 crore against Rs.2,382 crore in Sept, 2017. Excluding staff expenses, operating expenses declined by 17.3% YoY.
· The Bank’s Operating Profit stood at Rs.1,647 crore against Rs.2,233 crore in Sept, 2017. The operating profit was impacted mainly by losses in Treasury operations.
· The Net Profit (PAT) of the Bank stood at Rs.(-) 1,156 crore vis-à-vis Net Profit of Rs.179 crore in Sept, 2017. The net profit was impacted by higher loan loss provisions due to aging of NPAs and MTM provisions. Also, recovery of around Rs.1800 crore from the sale of assets being processed under NCLT got postponed to Q3.
PROFIT – H1 FY-2018-19:
· Net Interest Income stood at Rs.6,281 crore for Half year ended Sept, 2018 with a YoY growth of 15.43%.
· Non-Interest Income stood at Rs.1,861 crore against Rs.3,317 crore during H1 of FY 2017-18. As indicated, the drop in Non-Interest Income was mainly due to losses from treasury operations.
· The CRAR on solo basis (Basel III) stood at 10.93% as September 30, 2018. The Tier-I Capital stood at 7.66% and Tier -II Capital at 3.27%. The CET ratio stood at 7.53%.
· NIM improved from 2.15% for Q2 of FY 2017-18 to 2.27% in Q2 of current year. Similarly, NIM for H1 improved from 2.07% in H1 FY 2017-18 to 2.38%, for H1 of current year.
· Yield on Advances stood at 7.85% in Q2, Sept, 2018 and 7.99% for Half Year ended Sept, 2018, which is higher than the corresponding yields of the last year at 7.47% and 7.43%, respectively.
· Debit cards base increased to 560 lakh as on September 30, 2018 from 503 lakh as on September 30, 2017.
· Internet Banking users (Retail) increased to 55 lakh as on September 30, 2018 from 48 lakh as on September 30, 2017.
· Mobile Banking users increased to 4.87 lakh as on September 30, 2018 from 1.71 lakh as on September 30, 2017.
· 2nd Most Trusted Bank in the PSU Bank category by Economic Times.
· “Top Volume Performer” by BSE for Best Performance in Currency Derivatives Segment (Banks) 2017-18.
· “India’s Top Organisation with Innovative HR Practices” award in PSUs in the Asia Pacific HRM Congress in Bengaluru.
· Best Corporate Social Practicesfor promoting Employment for Physically Challenged and also for Support and improvement in Quality of Education from ET NOW- WORLD CSR DAY.
· Runner up Trophy (3rd Prize) forBest Bank under – Atal Pension Yojana-Transformative Leaders Campaign.