Bank of India Q4FY24 Net Profit increased by 57% YoY to Rs.6,318 Cr

Bangalore, 11th May 2024: Bank of India announced its results for Q4FY24 reporting an increase in Net Profit by 57% YoY to Rs.6,318 Cr. On a sequential basis, Net Profit for the quarter improved by 7% YoY and stood at Rs.1,439 Cr for Q4FY24 against Rs.1,350 Cr in Q4FY23. On Asset quality front, Gross NPA ratio down by 233 bps YoY and Net NPA ratio down by 44 bps YoY.

Global Business increased by 11.65% YoY, Global Deposits increased by 10.21% YoY and Global Advances increased by 13.52% YoY

As on 31.03.2024, Bank’s total Capital Adequacy Ratio (CRAR) was at 16.96% against 16.28% in Mar’23. The CET-1 ratio stood at 14.24% as on 31.03.24.

RAM Advances increased by 15.55% YoY to Rs.2,74,477 Cr, constituting to 55.74% of Advances in Mar’24. Retail Credit grew by 18.12% YoY to Rs.1,11,484 Cr in Mar’24. Agriculture Credit grew by 16.69% YoY to Rs.84,460 Cr in Mar’24. MSME Credit grew by 10.96% YoY to Rs.78,533 Cr in Mar’24.

Domestic CASA went up by 7.03% YoY from Rs.2,52,149 Cr in Mar’23 to Rs.2,69,872 Cr in Mar’24 and CASA ratio stood at 43.21%.

The Bank has opened 17 Lakh new PMJDY accounts during FY’24. Priority Sector Advances increased by 11.51% YOY and achieved 44.08% of ANBC as on Mar’24.

As on 31st Mar’24, the Bank has 5148 number of Domestic branches. This comprises of Rural: 1862 (36%), Semi-Urban: 1464 (29%), Urban: 830 (16%), Metro: 992 (19%).