Page 7 - Bank Of India

Bank of India expects 10-12% growth in advances in current fiscal

State-owned Bank of India expects advances to grow by 10-12 per cent in the current fiscal year with corporate loans yet to pick-up, top official said in an analysts call. The bank's year-to-date (YTD) loan growth stood at about 5 per cent mainly driven by Retail sector advances, Agricultural and MSME loans (RAM). "Advances growth guidance will be in the range of 10 to 12 per cent for the full year. So far up to June, we had YTD growth of about 5 per cent, but that is mostly on the back of good RAM growth. Corporate is yet to pick up. We believe that from this quarter onwards, there could be some movement in the corporate book," A K Das, Managing Director & Chief Executive Officer (MD&CEO), told analysts in post Q1FY23 earnings conference call. The bank's gross advances (global and domestic) stood at Rs 4,77,746 crore at end-June 2022. In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as .

Bank of India's Q1 profit declines 22% to Rs 561 cr as provisions rise

Fall in non-interest income, rise in bad loan provisions drag down company's net

ICICI Bank, Bank of India, Indiabulls hike rates ahead of MPC meeting

The revised rates for new borrowers range between 7.80 per cent and 8.30 per cent, depending on credit and loan amount

NCLT admits Bank of India's insolvency petition against Future Retail

IRP appointed; corporate insolvency resolution process to start against the retailer

RBI fines Federal Bank Rs 5.7 cr for flouting insurance broking norms

Banking regulator imposes fine of Rs 70 lakh on Bank of India for non-compliance with KYC norms

RBI imposes penalties on Federal Bank, BoI for non-compliance of norms

Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance. A penalty of Rs 70 lakh has also been imposed on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on 'compliance function in banks' issued by RBI, it said in a statement. About Federal Bank, RBI said the bank failed to ensure that no incentive (cash or non-cash) was paid to its staff engaged in insurance broking/corporate agency services by the insurance company, according to a separate statement. RBI had carried out Statutory Inspection for Supervisory Evaluation (lSE) of the bank with reference to its financial position as on March 31, 2020. In another statement, RBI said a fine of Rs 7.6 lakh has been imposed on Dhani Loans and Services Limited, Gurugram for non-compliance with KYC norms. RBI said the penalities are based on the deficiencies in regulatory compliance and is not .

BoI to raise capital up to Rs 2,500 cr to comply with shareholding norm

Bank of India said the capital is to be raised during the period of one year from the date of passing of the resolution in one or more tranches.

6 Indian banks sue GVK Coal Developers in London for $1.5 bn loan default

The banks have sued GVK Group-owned GVK Coal Developers over a dispute on a $1-billion loan and $35-million letter of credit facility and a $160-million loan

BoI contests maintainability of Amazon's intervention plea in FRL case

NCLT to hear matter on June 10; asks bank to respond to Amazon's intervention application; lender says will file reply without prejudice

FRL: NCLT to hear Amazon's plea opposing insolvency proceedings on June 10

A plea seeking initiation of insolvency resolution proceedings against FRL was filed by Bank of India (BoI), the lead banker in the consortium of lenders to the company.

Bank of India's net profit rises 142.3% to Rs 606 crore in Q4FY22

The board recommended a dividend of Rs 2 per equity share (of face value of Rs 10) for 2021-22 subject to shareholders' nod

BOI Q4 net profit rises 142.3% to Rs 606 cr on margin improvement

The Mumbai-based BOI's net interest income (NII) expanded by 35.77 per cent to Rs 3,986 crore in Q4FY22 from Rs 2,936 crore in Q4FY21

NCLT adjourns the insolvency plea against Future Retail to May 12

Earlier this month, BoI had filed insolvency proceedings against Future Retail for non-payment of dues

BoI plans Rs 2,500 cr equity capital raise to comply with shareholding norm

The lender said it has decided to seek permission of its shareholders in the ensuing annual general meeting (AGM)/extra-ordinary general meeting (EGM) called for this purpose

Local vs foreign: How a creditor revolt scuttled RIL's Future Retail deal

FRL's offshore bondholders -- a relatively smaller part of the creditor pool -- were promised 100% payment, while local lenders were asked to take a haircut

Bank of India plans to raise up to Rs 2,500 cr equity capital in FY23

Lender could look at options such as QIP, FPO and preferential issue

Bank of India moves NCLT as lead lender to Kishore Biyani-led Future Retail

BoI's loan exposure to Future Retail is Rs 1,441.62 crore

BoI drags Future Retail to NCLT, suggests V K V Iyer's name as IRP

Meanwhile FRL, in a regulatory filing, said it has been served and received a copy of the petition and is in the 'process of taking legal advice'

Bank of India moves NCLT against Future Retail, files insolvency plea

Earlier this month, Future Retail had reported a default of Rs 5,322.32 cr to its lenders on account of the ongoing litigations with e-commerce major Amazon and other related issues

Bank of India invests nearly Rs 109 cr in NARCL

The bank's shareholding in NARCL will come to 9 per cent as on March 21, 2022