Bank of India – an Impressive growth in Net Profit –Q3

By: Vinod Chandrashekhar Dixit
Bank of India one of the most Trust branded banks in India has posted net profit for the October to December 2022 period improved to Rs 1,151 crore, up by 12 percent on a year-on-year basis and 20 percent sequentially.
The robust loan growth led to a 64% y-o-y net interest income (NII) to Rs 5,596 crore. Global net interest margin (NIM) improved by 101 basis points (bps) y-o-y to 3.28% as of December 31 while domestic NIM expanded by 121 bps to 3.72%.
The bank’s provisions increased by 461% to Rs 1,879 crore in Q3FY23. The increase in provisions is mainly on account of ageing assets and higher provisioning on standard assets.RAM Advances grew by 13.2% on YoY basis and it constitutes 54.1% of gross advances. The Current and savings accounts (CASA) deposits increased by 3.7% on YoY basis.
It is today stronger, bigger, more vibrant and confident bank. Bank of India’s name is now a household name and synonymous with growth, development and efficiency. The bank has the best of technology and best of capabilities. Customers acquisition and introduction of new projects, campaigns and products as well as services have given a new impetus to BOI. BOI is strengthening on quarter to quarter. Bank is on a continuous drive towards pursuing Technology Up gradation and Digitization measures.BOI expects most of their customers to use digital platform for most of the banking services. Only those customers need to come to the branches who cannot meet their banking needs through digital mode. It is crystal clear that COVID 19 has brought a broad and deep transformation and nearly twice the number of customers visiting the branch, now use the newly launched BOI digital apps. As on Dec’22, BOI’s Internet Banking users has increased to 8.37 million in Dec’22 from 8.08 million in Mar’22, Mobile Banking users has increased to 7.58 million in Dec’22 from 6.10 million in Mar’22 and  UPI users has increased to 14.84 million in Dec’22 from 12.96 million in Mar’22.
Bank of India is in various stages of readiness, as and when it is ready to take up financial inclusion Bank has been aggressive in financing Govt. Sponsored schemes and achieving all the targets allotted. It is today stronger, bigger, more vibrant and confident bank. There is no doubt that a successful execution of a digital enabled Bank will go a long way in ensuring that BOI remains competitive in the market place.