Bangalore, 04 November 2022: Bank of India, a leading Public Sector Bank posted a rise by 71% sequentially in Net Profit at Rs. 960 crore in the quarter that ended September 30, 2022 (Q2FY23), driven by a steady rise in operating margins. However, the Net Profit has reportedly dropped from Rs 1051 crores (Q2FY22) to Rs 960 crores (Q2FY23) on YOY basis by almost 8%
Bank has demonstrated significant improvement in various important parameters during the second quarter. Operating Profit has jumped to Rs. 3,374 crore up by 26% YoY and by 55% sequentially. Both Return on Assets (RoA) and Return on Equity increased by 18 bps and 321 bps respectively on QOQ basis.
With better credit off-take, considerable growth is witnessed in NIM%, which stood at 3.04% thereby improving by 49 bps sequentially. NII stood at Rs. 5,083 crores up by 44% YoY and 25% sequentially. The yield on Advances at 7.21%, increased by 63 bps sequentially and 20 bps YoY.
RAM Advances grew by 15.57% on a YoY basis and it constitutes 54.25% of Gross Advances. CASA deposits increased by 4.05% on a YoY basis and CASA% is reported at 44.12% on Aggregate Deposits.
On the recovery front, the bank took several steps which brought down Gross NPA% to 8.51% with a significant decline of 349 bps on a YoY basis. The Net NPA% has also declined and touched 1.92%, down by 87 bps on a YoY basis. Credit Cost stood at 0.60%, declined by 61 bps, sequentially and the Slippage Ratio improved to 0.30% from 0.69%, sequentially.
Cost to Income Ratio (Global) improved significantly on a sequential basis to 48.10% (as of 30.09.2022) as against 58.22% (as of 30.06.2022) and 52.69% (as of 30.09.2021).