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Bank of India Q2 Results: PAT rises 63% to Rs 2,374 crore

  • by Psu Connect
  • Date: 12-11-24
  • others

 Net Interest Income (NII) rises by 4% year on year to Rs. 5,986 Cr for Q2FY25 compared to Rs. 5,740 Cr for Q2FY24. 

Bank of India Q2 Results: PAT rises 63% to Rs 2,374 crore
Bank of India Q2 Results: PAT rises 63% to Rs 2,374 crore

State-owned Bank of India released its financial results for the quarter that ended on September 30, 2024. The quarter's net profit increased 63% year on year to Rs. 2,374 Cr in Q2FY25 compared to Rs. 1,458 Cr in Q2FY24. Operating profit was Rs. 4,147 Cr for Q2FY25 compared to Rs. 3,756 Cr for Q2FY24, a 10% YoY growth.

 Net Interest Income (NII) rises by 4% year on year to Rs. 5,986 Cr for Q2FY25 compared to Rs. 5,740 Cr for Q2FY24.  Non-interest income rises by 49% year on year to Rs. 2,518 Cr in the quarter under review from Rs. 1,688 Cr in the year-ago quarter.

The operating expenses for Q2FY25 were Rs. 4,355 Cr, compared to Rs. 3,672 Cr for Q2FY24. Domestic deposits at the bank climbed 12.34% year on year from Rs. 5.98 Cr in the September 2023 quarter to Rs. 6.7 Cr in the September 2024 quarter.

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Meanwhile, domestic CASA expanded 7.26% year on year from Rs. 2.5 Cr in Q2FY24 to Rs. 2,75,618 Cr in Q2FY25 and the CASA ratio was 41.18%. Domestic advances went from Rs. 4,52,641 Cr in the same quarter of the previous year to Rs. 5,20,653 Cr on September 24 a 15.03% YoY growth. RAM Advances, which made up 57.70% of advances in the September 2024 quarter, grew 19.74% year on year to Rs. 3,00,412 Cr.

The non-performing assets (NPA) decreased by 29% year on year from Rs. 7,978 Cr to Rs. 5,649 Cr, while its gross non-performing assets (NPA) decreased by 13% in Q2FY24 from Rs. 31,719 Cr to Rs. 27,456 Cr.

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The GNPA ratio of Bank of India increased by 143 basis points from 5.84% in the September 23 quarter to 4.41% in Q2FY25, while the Net NPA ratio increased by 60 basis points from 1.54% in Q2FY24 to 0.94% in Q2FY25.

Provision Coverage Ratio (PCR) was 92.22%. As of 30.09.24, the bank's total capital adequacy ratio (CRAR) was 16.63%, up 100 basis points from 15.63% on 30.09.23.

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