Bank of India (BOI) reported standalone second quarter net profit increased 52% Year on Year (YoY) to ₹1,458 crore due to rise in Net Interest Income (NII) and improvement in asset quality.
Operating profit during the quarter ended September 30, 2023 increased 11% YoY to Rs.3,756 crore. NII increased by 13% YoY to Rs.5,740 crore and NIM (Global) improved by 4 bps YoY to 3.08%, the bank said in a filing with exchanges.
It’s Gross NPA ratio down by 267 bps YoY and Net NPA ratio was down by 38 bps YoY. Provision Coverage Ratio (PCR) improved by 62 bps YoY, it said.
The bank’s global business increased by 9.25% while the global deposits increased by 8.68% YoY. The bank said it’s advances increased by 10% YoY. While retail credit grew by 14.65% YoY,
Agriculture credit grew by 10.82% YoY and MSME credit grew by 10.82% YoY. CASA deposits increased by 6.08% YoY and CASA ratio at 43.13%.