Infographic : Bank of India(NSE : BANKINDIA)| Q3FY23 Results | Operating Profit up 30.59% QoQ.

Bank of India (NSE: BANKINDIA) is a state-owned financial services company headquartered in Mumbai, India. It was founded in 1906 and is one of the oldest and largest commercial banks in the country. BOI offers a wide range of banking products and services to individuals, small and medium-sized enterprises, and large corporations. These include savings and current accounts, fixed deposits, loans, credit cards, and insurance. The bank also has a strong presence in the overseas market, with branches and subsidiaries in several countries.

The Bank of India has released its Q3FY23 results, showing an improvement in net profit, which increased by 12% YoY and 20% sequentially to Rs 1,151 crore. The operating profit also improved by 74% YoY and 8% sequentially to Rs 3,652 crore. The return on assets (RoA) also improved to 0.55%.

The bank’s net interest margin (NIM) stood at 3.28%, an improvement of 101 bps YoY and 24 bps sequentially. Net interest income (NII) stood at Rs 5,596 crore, an increase of 64% YoY and 10% sequentially. Yield on advances stood at 7.67%, up by 65 bps YoY and 46 bps sequentially.

The gross NPA ratio stood at 7.66%, a decrease of 280 bps YoY, and the net NPA ratio stood at 1.61%, a decrease of 105 bps YoY. The provision coverage ratio was at 90.27%. The slippage ratio stood at 0.27%, a decrease of 20 bps YoY. The bank’s capital adequacy ratio (CRAR) stood at 15.60%, with Tier-I at 13.61% and CET-1 at 12.77%. Retail advances grew by 13.24% YoY and constitute 54.14% of gross advances. CASA deposits increased by 3.70% YoY and CASA% at 44.56%.