Page 4 - Bank Of India

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Bank of India Q2FY25 results: Net profit jumps 63% to Rs 2,374 cr

Bank of India (BoI) on Monday reported a 63 per cent jump in net profit to Rs 2,374 crore for the second quarter ended on September 30, 2024, on higher non-interest income. The public sector bank had a net profit of Rs 1,458 crore in the quarter ended in September 2023. Total income increased to Rs 19,872 crore in the July-September quarter of current fiscal, from Rs 16,659 crore in the corresponding quarter of previous fiscal. Net interest income (NII) increased by 4 per cent YoY to Rs 5,986 crore for Q2FY25 against Rs 5,740 crore in the year ago period. Non-interest income jumped 49 per cent YoY to Rs 2,518 crore during the quarter under review, against Rs 1,688 crore in the corresponding quarter of the previous fiscal. Net non performing assets (NPA) declined by 29 per cent YoY from Rs 7,978 crore in September 2023 to Rs 5,649 crore in September 2024. Bank of India shares closed at Rs 112.25 , up 0.63 per cent over previous close on BSE.

Q2 results today: Hindalco, ONGC, Britannia among 321 to post earnings

Q2 company results, November 11: Shree Cements, Jubilant FoodWorks, Bank of India, NMDC, and Ramco Cements will release their Q2FY25 results today

Bank of India launches 400-day fixed deposit scheme for festive season

Offer available at the bank's branches and digital channels (BOI Omni Neo App/ Internet Banking)

State-owned Bank of India raises Rs 2,500 crore at 7.49% via tier-II bonds

The state-owned lender will raise Rs 2,500 crore through additional Tier-I bonds in Q3

BOI launches 333-Day Star Dhan Vriddhi FD, offers 7.9% interest rates

Star Dhan Vriddhi offers interest rates of 7.25%, 7.75% and 7.90% for general citizens, senior citizens, super senior citizens

Rates to remain elevated for loans, bulk deposits: Bank of India MD & CEO

With rising cost of funds, loans rates on highly rated corporates will need a relook to protect margins, he says

Bank of India's Q1 net profit rises 10% to Rs 1,703 cr, NII up 6%

NII was up 6% YoY to Rs 6,275 crore in Q1FY25, compared to Rs 5,915 crore in Q1FY24, aided by robust growth in advances

Bank of Maharashtra raises just Rs 811 crore in infrastructure bond sale

Lender was looking to mop up Rs 3,000 crore, but bids totalled only Rs 1,390 crore

Bank of India is offering 8.10% on term Fixed Deposit: check revised rates

Lender raises extra interest rate for deposits made by senior citizens and super senior citizens

11 public banks charge Rs 2,331 cr for non-maintenance of minimum balance

For the recovery of this charge from account holders, public sector banks have formulated slab structures based on different geographies and segments

Tata Power Solar Systems partners with BoI for EV charging stn financing

Tata Power Solar Systems Ltd (TPSSL) on Friday said it has partnered with Bank of India (BOI) to facilitate easy financing for rooftop solar installations and establishment of electric vehicle (EV) charging stations. The partnership is a significant milestone with Tata Power Solar becoming the first solar company to collaborate with BOI for both solar and EV Charging Station financing and strengthening its leadership as a green energy solutions provider, a statement said. This collaboration supports the government's initiatives to promote rooftop solar installations, targeting a wide spectrum of customers, including residential users under the PM Surya Ghar Yojana, housing societies, and Micro, Small, and Medium Enterprises (MSMEs). Under the PM Surya Ghar Yojana, residential customers seeking to install solar systems up to 3 KW can avail loans up to Rs 2 lakh with only a 5 per cent margin money requirement. These loans are offered at an attractive interest rate of 7.10 per cent pe

Bank of India raises Rs 5,000 crore via 10-year infrastructure bonds

SBI has raised Rs 20,000 crore through infra bonds while Canara Bank has raised Rs 10,000 crore

Bank of India acquires over 6% stake in recently incorporated CCIL IFSC

State-owned Bank of India on Monday said it has acquired a 6.125 per cent stake in the recently incorporated CCIL IFSC, listed in GIFT SEZ, reflecting its commitment to the growth of IFSC. The announcement was made by Bank of India's Executive Director (International Operations) Subrat Kumar in GIFT City while speaking at an event to mark the first anniversary of the bank's IFSC Banking Unit in GIFT City. "The acquisition of 6.125 per cent stake in CCIL IFSC for Rs 6.125 crore showcases our strategic commitment towards the growth of GIFT City IFSC and its emergence as a global financial services provider," Kumar said. Promoted by Clearing Corporation of India Limited (CCIL), CCIL IFSC is the proposed entity to build and operate a real-time foreign currency settlement system at GIFT City, the country's only operational international financial services centre. The entity will act as a clearing house and system operator at GIFT City. The foreign currency settlement system is expected

Bank of India floats 666 days term deposits bucket with 7.3% rate

Slashes rate on 2-year deposits by 45 basis points

Narayanan Vaghul: A generous leader and true colossus of Indian banking

His life and career exemplify that decency, simplicity, and forward-thinking can lead to success at the highest levels

State-owned Bank of India tanks over 12% as slippages, credit cost soar

According to reports, the bank's slippages increased to Rs 2,308 crore in Q4FY24 as against Rs 1313 crore in Q3FY24. Sippages denote the amount of fresh loans that have turned into bad loans

Bank of India Q4 results: Net profit rises 7%, NII at Rs 5,937 crore

State-owned Bank of India (BoI) on Friday posted a 7 per cent rise in net profit at Rs 1,439 crore for the March quarter. The bank had earned a net profit of Rs 1,350 crore in the same quarter a year ago. The total income increased to Rs 17,913 crore during the quarter under review, as against Rs 16,549 crore in the same period last year, BoI said in a regulatory filing. Net interest income (NII) grew to Rs 5,937 crore during the period under review, from Rs 5,523 crore in the corresponding quarter a year ago. On the asset quality side, the bank's gross Non-Performing Assets (NPAs) moderated to 4.98 per cent of gross advances as of March 31, 2024, from 7.31 per cent at the end of March 2023. Net NPAs also declined to 1.22 per cent of the advances, from 1.66 per cent at the end of 2023. However, provision for bad loans increased to Rs 2,043 crore, as against Rs 546 crore earmarked during the same quarter a year ago. The provision coverage ratio of the bank stood at 90.59 per cent

Bank of India signs pact with IMGC for mortgage guarantee on home loans

IMGC's guarantee will mitigate the risk of defaults for the bank, allowing it to potentially offer more favourable loan terms to borrowers, the company said in a statement

NCLT initiates insolvency proceeding against MEP Infrastructure Developers

The National Company Law Tribunal has initiated the corporate insolvency resolution process (CIRP) against MEP Infrastructure Developers Ltd on a plea filed by Bank of India and appointed an interim resolution professional to take control of the company. The Mumbai bench of the NCLT admitted the plea under the IBC filed by the public sector lender, claiming a default of Rs 127.86 crore. "The factum of the existence of financial debt and its default stands proven on record. It has also been established that the petition is within time. Considering the facts placed before us and the fact that the Corporate Debtor owes the Financial Debt in excess of Rs 1 crore, which is in default. "This bench is of the view that in such circumstances, it is imperative that the CIRP be initiated in the matter of the Corporate Debtor (MEP Infrastructure)," said a two-member NCLT bench in its 9-page order passed on March 28, 2024. The NCLT order further said there would be a moratorium under section 14