Bank of India (NSE:BANKINDIA) is a state-owned commercial bank in India. It provides various banking and financial products and services to retail, corporate, and SME customers. The bank has a wide network of branches and ATMs across India and also operates internationally. Its product offerings include deposit accounts, loans, insurance, investment products, and digital banking services.
Bank of India has reported strong Q3FY23 results with a 12% YoY increase in net profit to Rs. 1,151 crore and a 74% YoY increase in operating profit to Rs. 3,652 crore. The bank also reported improvements in key financial indicators such as RoA, NIM, NII, and yield on advances. The gross NPA ratio decreased by 280 bps YoY, while the net NPA ratio decreased by 105 bps YoY. The provision coverage ratio stood at 90.27%, and the slippage ratio decreased by 20 bps YoY. CASA deposits increased by 3.70% YoY, and CASA% stood at 44.56%.
In terms of financial results for the period ended December 31, 2022, BoI reported total income of Rs. 14,218.03 crore, compared to Rs. 13,001.32 crore during the period ended September 30, 2022. The bank posted a net profit of Rs. 914.72 crore for the same period, compared to net profit of Rs. 854.10 crore for the period ended September 30, 2022. BoI reported an earnings per share (EPS) of Rs. 2.23 for the period ended December 31, 2022, compared to an EPS of Rs. 2.08 for the period ended September 30, 2022.
Overall, Bank of India’s Q3 FY23 financial results indicate improved performance and positive growth in key areas such as operating profit, NII, and GNPA ratio. The bank’s capital adequacy ratio and RAM advances also demonstrate a strong financial position.