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Nov 16, 2018, 20:17
Q2FY19 Results, Bank of India posted 1156cr net loss
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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.

 

Financials:

 

  •     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.

 

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