MUMBAI, 02nd AUGUST, 2022 (GPN): Bank of India announced its Q1FY 23 results today reporting a Profit After Tax (PAT) of Rs. 561 crores. The Operating Profit stood at Rs.2,183 Cr for Q1FY23 and Net Interest Income (NII) improved to Rs.4,072 Cr for Q1FY23 against Rs.3,145 Cr in Q1FY22

Quarter ended Jun’22 vis-à-vis Quarter ended Jun’21

KEY HIGHLIGHTS (Q1FY23)
Net Profit stood at Rs.561 Crore.
Operating Profit stood at Rs.2,183 Crore.
Net Interest Income increased by 29.51% YoY.
NIM (Global) improved by 39 bps YoY
Yield on Advances (Dom.) improved by 13 bps YoY.
Gross NPA ratio down by 421 bps YoY.
Net NPA ratio down by 114 bps YoY.
Provision Coverage Ratio (PCR) improved by 180 bps YoY.
CRAR stood at 15.61%, higher than Jun’21.
Gross Advances increased by 15.20% YoY.
RAM Advances grew by 15.74% YoY and it constitutes 54.18% of Advances.
Retail Credit grew by 22.45% YoY.
Agriculture Credit grew by 16.40% YoY.
MSME Credit grew by 7.96% YoY.
CASA deposits increased by 2.68% YoY and CASA ratio improves to 44.70%.
Slippage ratio declined by 40 bps YoY.

Profitability:
Net Profit stood at Rs.561 Cr for Q1FY23.
Operating Profit stood at Rs.2,183 Cr for Q1FY23.
Net Interest Income (NII) improved to Rs.4,072 Cr for Q1FY23 against Rs.3,145 Cr in Q1FY22.
Non-Interest Income stood at Rs.1,152 Cr for Q1FY23.

Ratios:
NIM (Global) improved to 2.55% in Q1FY23 against 2.16% in Q1FY22.
NIM (Domestic) improved to 2.88% in Q1FY23 against 2.35% in Q1FY22.
Cost to Income ratio (Global) stood at 58.22% in Q1FY23.
Yield on Advances (Global) stood at 6.58% in Q1FY23.
Cost of Deposits (Global) improved to 3.49% in Q1FY23 against 3.79% in Q1FY22.

Business:
Global Business grew by 7.74% YoY to Rs.11,18,481 Cr in Jun’22.
Global Advances grew by 15.20% YoY to Rs. 4,77,746 Cr in Jun’22. Domestic Advances increased by 9.72% YoY to Rs.4,01,210 Cr in Jun’22.
Global Deposits increased by 2.78% YoY to Rs. 6,40,734 Cr in Jun’22.
Domestic deposits stood at Rs. 5,45,949 Cr in Jun’22.
Domestic CASA went up by 2.68% YoY to Rs. 2,42,300 Cr in Jun’22 and CASA ratio improved to 44.70%.
Domestic Advances increased by 9.72% YOY to Rs. 4,01,210 Cr and Overseas Advances increased by 56.06% YOY to Rs. 76,536 Cr in Jun’22.RAM advances increased by 15.74% YOY to Rs.2,17,387 Cr, constituting 54.18% of Advances in Jun’22.
Retail Credit grew by 22.45% YOY to Rs.83,407 Cr in Jun’22.
Agriculture Credit grew by 16.40% YOY to Rs.65,454 Cr in Jun’22.
MSME Credit grew by 7.96% YOY to Rs.68,520 Cr in Jun’22.

Asset Quality:
GNPA ratio improved by 421 bps YoY from 13.51% in Jun’21 to 9.30% in
Jun’22. On a sequential basis, it improved by 68 bps from 9.98%.
The Net NPA ratio improved by 114 bps from 3.35% in Jun’21 to 2.21% in
Jun’22. On a sequential basis, it improved by 13 bps from 2.34%.
Provision Coverage Ratio (PCR) stood at 87.96% as against 87.76% in Mar’22
and 86.17% in Jun’21.

Capital Adequacy:
As on 30.06.2022, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.61%
against 16.51% in Mar’22.
CET-1 ratio stood at 12.86% as on Jun’22 against 13.49% in Mar’22.

Priority Sector & Financial Inclusion:
Priority Sector advances increased by 9.23% YoY to Rs.1,51,989 Cr in Jun’22 which constitutes 43.37% of ANBC. Agriculture Advances also achieved the regulatory norm, 18% of ANBC.
Advances to Small & Marginal farmers constitutes 11.03% to ANBC and that
to Weaker sections constitutes 14.11%, which are well above the regulatory
norm.
Sanctions under PMSVANidhi 90.07% and disbursement, 97.98%.

Bank of India reported 22% drop in standalone net profit to Rs 561 crore on a 4% fall in total income to Rs 11,124 crore in Q1 FY23 over Q1 FY22.

Net Interest Income (NII) increased by 29% to Rs 4,072 crore in Q1 FY23 from Rs 3,146 crore in Q1 FY22. Net Interest Margin (NIM) was 2.55% in Q1 FY23 as against 2.16% in Q1 FY22. Operating profit fell 21% YoY to Rs 2,183 crore in the first quarter.

Total provisions before tax declined by 20% to Rs 1,322 crore in Q1 FY23 from Rs 1,652 crore in Q1 FY22. However, provisions for bad & doubtful debts rose by 49% YoY to Rs 1,304 crore.

Profit before tax (PBT) in Q1 FY23 stood at Rs 861 crore, down by 22% from Rs 1,097 crore in Q1 FY22.

The bank’s gross non-performing assets (NPAs) stood at Rs 44,415 crore as on 30 June 2022 as against Rs 45,605 crore as on 31 March 2022 and Rs 56,042 crore as on 30 June 2021.

The ratio of gross NPAs was 9.30% as on 30 June 2022 as against 13.51% as of 30 June 2021. The ratio of net NPAs was 2.21% as on 30 June 2022 as compared with 3.35% as on 30 June 2021.

Provision Coverage Ratio (PCR) stood at 87.96% as on 31 June 2022 as against 86.17% as on 31 June 2021.

While bank’s deposits increased by 3% YoY to Rs 6,40,734 crore, advances rose by 19% YoY to Rs 4,42,703 crore as on 31 June 2022.

As on 30 June 2022, the bank’s total capital adequacy ratio (CRAR) was at 15.61% while the CET-1 ratio stood at 12.86% as on 30 June 2022.

Bank of India is a public sector bank. The Government of India held 81.41% stake in the bank as on 31 March 2022.

The scrip advanced 2.85% to currently trade at Rs 50.50 on the BSE.-Ends