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  • Bank Of India Announces September 2017 (Q2 - Fy 2017-18) Financial Results

    2017-11-10 15:15:36.0
    SACHIN MURDESHWAR

    Mumbai : Bank of India announced its audited results for the Q2 FY 2017-18, following approval by ...

    Bank Of India Announces September 2017 (Q2 - Fy 2017-18) Financial Results

    Mumbai : Bank of India announced its audited results for the Q2 FY 2017-18, following approval by its Board of Directors on November 10, 2017.
    Highlights of Financial Results:
    v Q-2 Net Profits rose by 40.94% Y-o-Y.
    v Sequentially, Net Profits shot up by 104.08%
    v NIM improved from 1.99% in June 2017 to 2.15% in September,2017
    v Gross NPA Ratio, which has declined for consecutive for four quarters.
    v Provision Coverage Ratio improves to 65.23% from 55.23% in September,2016
    BUSINESS:
    · Global Business of the Bank stood at Rs. 934,403 crore as on September 30, 2017 against Rs.893,978 crore as on September 30,2016.
    · CASA Deposits grew by 20.76 % YoY and its share in Domestic deposits improved from 36% in September 2016 to 39.01 % in September 2017.
    · The Gross Advances stood at Rs. 390,687 crore as on September 30, 2017 against Rs.388698 crore as on September 30,2016.
    · The RAM Advances (Retail, Agriculture and MSME) increased from Rs.1,33,932 crore as on September 30,2016 to Rs.1,45,634 crore as on September 30,2017 and its share in Advances increased from 48.80% in September 2016 to 52.35 % in September 2017.
    · Priority Sector advances stood at Rs. 1,14,577 crore which constitutes 40.14 % of ANBC. Agriculture advances were Rs 53,387 crore forming 18.70 % of ANBC. Both the sectoral advances were above the Regulatory stipulations.
    ASSET QUALITY:
    · Bank's Gross NPA ratio has declined successively in the last four quarters. The gross NPA ratio improved to 12.62% in September,2017 from 13.05% in June, 2017 and 13.45% in September,2016.
    · Gross NPA declined successively in the last three quarters. It came down from Rs.52,045 crore in March,2017 to Rs. 49,307crore in September,2017.
    · Net NPA also stood at Rs. 23,566 crore as on September 30, 2017 which is lower than the end June, 2017 level of Rs. 24,407 crore. The Net NPA ratio declined to 6.47% in September, 2017 against 6.70% as at June 30, 2017 and 7.56% in September,2016.
    · Total Global Restructured Standard Assets of the Bank were Rs. 11819 crore as on September 30, 2017. The Total Stressed Assets (GNPA + Restructured Standard Assets) as percentage of Global Gross Advances declined from 16.53% in September, 2016 to 15.65 % in September,2017.
    · The Provision Coverage Ratio improved from 55.23% in September 2016 to 65.23% in September 2017.
    PROFIT – Q2 FY2017-18:
    · The Bank's Operating Profit stood at Rs.2233 crore for Q2- 2017-18 as against Rs.2493 crore for Q2 2016-17.
    · The Bank posted increase in Net profit for the second successive quarter. The Net Profit (PAT) of the Bank rose by 40.94% from Rs. 127 crore in Q2-2016-17 to Rs. 179 crore for Q2-FY2017-18. Sequentially, Net profit went up by 104.08%
    · The net Interest Income increased sequentially by 14.8% from Rs.2533 crore in June 2017 to Rs.2908 crore in September,2017. On y-o-y basis, it increased from Rs. 2720 crore i.e.by 6.91%.
    PROFIT – H1 FY2017-18:
    · For H1 FY 2017-18, the Bank's Operating Profit rose by 11.2 %, from Rs. 4,147 crore during H1 2016-17 to Rs. 4,612.48 crore during H1 2017-18.
    · The Net Profit (PAT) of the Bank stood at Rs. 267 crore for Half Year ended Sept, 2017 as against (-) Rs. 615 crore for corresponding period last year.
    · Total Operating Expenses has been curtailed by 9.8% from Rs. 4,597 crore in H1-FY 2016-17 to Rs. 4,146 crore in H1-FY 2017-18.
    CAPITAL ADEQUACY:
    · The CRAR on solo basis (Basel III) stood at 12.23% as September 30, 2017. The Tier-I Capital stood at 8.86% and Tier -II Capital at 3.37%. The CET ratio stood at 7.21%.
    OTHER RATIOS:
    · NIM improved from 1.99% in June 2017 to 2.15% in September,2017
    · Yield on funds improved from 6.07% in June, 2017 to 6.31% in Sept., 2017.
    · Cost to income Ratio improved from 52.58% in H1 2016-17 to 47.34% in H1-2017-18
    DIGITALISATION:
    · Debit cards base increased to 504 lakh as on September 30, 2017 from 391 lakh as on September 30, 2016.
    · Internet Banking users (Retail) increased to 48 lakh as on September 30, 2017 from 37 lakh as on September 30, 2016.
    · Mobile Banking users increased to 1.71 lakh as on September 30, 2017 from 1.35 lakh as on September 30, 2016.
    AWARDS:
    · Bank of India ranked as the 2nd Most Trusted Bank in the PSU Bank category by Economic Times.
    · Bank of India has been conferred "Market Achievers' Award" in Currency Derivatives Segment amongst Public Sector Banks by NSE.
    · Bank of India awarded as "Best Performer in Currency Derivative Segment" amongst all Banks' Category by BSE.
    · 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.
    · RSETI award of Commendation- Third prize presented to Bank of India for contribution to the RSETI movement during FY-2015-16 under category "A".

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