Bank of India is a commercial bank found in the year 1906. It is one of the top five nationalized bank in India. It has a head quarter in Mumbai, Bandra Kurla complex (BKC). Since 1969 Bank of India is a nationalized bank and a government owned bank. It is one of the founder members of SWIFT (Society for Worldwide Interbank Financial Telecommunications), which helps in provision of cost effective financial processing and communication services.
- Gross Global advances fell by 3.71% Y-o-Y to 376,178 as compared to September, 2017. Quaterly it increased by 3.42% from which domestic advances increased by 5.02% and Foreign advances fell by 3.05%. Decrease in advances was due to increase in provisions
- Net loss for this quarter (Q2FY19) stood at Rs.1156 crores as compared to the profit earned in previous quarter (Q1FY19) were Rs. 95 crores Q-o-Q. As compared to profit of September 2017 of Rs.179 crores down by 745.7% Y-o-Y.
- Operating Profit Stood at Rs. 164 crores it was down by 26.24% as compared to Rs. 2,233 crores in Sept, 2017 Y-o-Y. On Quarterly basis operating profit fell by 11.88%.
- Net Interest Income was up by 0.65% on Y-o-Y basis to Rs.2,927 cores as compared to Rs. 2909 crores. It fell on quarterly basis by 12.73% from Rs 3,354 crores in june 2018 to September 2018.
- Gross NPA stood at Rs. 64,561 crores increased by 12.62% as compared to September, 2017 Y-o-Y. On quarterly basis it increased from Rs. 60,561crores in September 2017 to 61,561 crores in September, 2018 Q-o-Q basis.
- Net NPA increased by 7.64%. The company reduced the Net NPA from 8.45% to 7.64%
- CASA Deposits gained up by 4.57% at Rs. 170,206 crores.
- Provisions for bad loans increased by 51.5% to Rs. 2,828 crores, Total provisions went up by 71.2%.
- Provision Coverage Ratio stood at 69.12.
- Bank of India sold and settled NPA’s worth Rs. 1,000 crores in this quarter
- The company filed Rs. 2,826 crores to NCLT account. Total NCLT filed are Rs. 29,359 crores.
- List 1 NCLT is Rs. 7,604 crores. List 2 NCLT filed is Rs. 3,266 crores.
- Capital Adequacy as accordance with Basel III norms stood at 10.93%.
- Exposure to IL&FS is Rs. 3500-3600 crores
Company’s Future plan:
- BOI aims to decrease the Net NPA below 6% in the next quarter
- The company expects sale to Rs. 10,600 crores asset from NCLT recovery.
- It aims to earn profits in next quarter as there will be sale of assets from NCLT and expected reduction in Net NPA.
- Expected run rate on slippages will range from Rs. 2,600 crores to Rs. 2,800 crores in FY19.