Bank of India Q1FY22 results

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Bank of India Q1FY22 results

Financial Results for the Quarter ended 30th June 2021

KEY HIGHLIGHTS (Q1FY22)
Net Profit stood at Rs.720 Cr, up by 188% over Q4FY21
Operating Profit stood at Rs.2,806 Cr up by 34% over Q4FY21
Non-Interest Income grew by 39% YoY
NIM improved by 15 bps sequentially, NII up by 7%
Gross NPA ratio down by 40bps YoY
Net NPA ratio down by 23bps YoY
Provision Coverage Ratio (PCR) at 86.17% improved by 130 bps YoY
CRAR stood at 15.07% higher than both Mar’21 and Jun’20
RAM Advances grew by 11.02% YoY and it constitutes 51.36% of Advances
Retail Credit grew by 10.57% YoY
Agriculture Credit grew by 11.08% YoY
MSME Credit grew by 11.45% YoY
CASA deposits increased by 13.80% YoY
Credit Cost declined by 241 bps over Q4FY21
Slippage ratio declined by 96 bps over Q4FY21.

Profitability:
Net Profit for the quarter stood at Rs.720 Cr for Q1FY22 against Rs.844 Cr in
Q1FY21. On a sequential basis, Net Profit improved by 188% from Rs.250 Cr.
Operating Profit stood at Rs.2,806 Cr for Q1FY22 as against Rs.2,845 Cr for
Q1FY21. On a sequential basis, it increased by 34% from Rs.2,094 Cr.
Net Interest Income (NII) stood at Rs.3,145 Cr for Q1FY22 against Rs. 3,481
Cr in Q1FY21. On a sequential basis, it increased by 7% from Rs.2,936 Cr.
Non-Interest Income increased by 39% YoY to RS. 2,377 Cr for Q1FY22
against Rs.1,707 Cr in Q1FY21. On a sequential basis, it increased by 16%
from Rs.2,053 Cr.

Ratios:
NIM (Global) stood at 2.16% in Q1FY22 against 2.48% in Q1FY21. It improved
by 15 bps on a sequential basis from 2.01%.
NIM (Domestic) stood at 2.35% in Q1FY22 against 2.73% in Q1FY21. It
improved by 19 bps on a sequential basis from 2.16%.
Cost to Income ratio (Global) stood at 49.18% in Q1FY22 against 45.18% in
Q1FY21. It improved by 884 bps on a sequential basis from 58.02%.
Yield on Advances (Global) stood at 6.67% in Q1FY22 against 7.55% in
Q1FY21. Cost of Deposits (Global) stood at 3.79% in Q1FY22 against 4.32% in Q1FY21.
It improved by 11 bps on a sequential basis from 3.90%.

Business:
Global Business grew by 2.71% YoY to Rs.10,38,083 Cr in Jun’21.
Global Advances stood at Rs. 4,14,697 Cr. Domestic Advances increased by
1.65% YoY to Rs.3,65,653 Cr in Jun’21.

Global Deposits increased by 4.73% YoY to Rs. 6,23,385 Cr in June’21.
Domestic deposits went up by 6.71% YoY to Rs. 5,52,303 Cr during the same
period.
Domestic CASA went up by 13.80% YoY to Rs. 2,35,980 Cr in Jun’21 and
CASA percentage stood at 43.22%.

Asset Quality:
GNPA ratio improved to 13.51% from 13.91% in Jun’20.
The Net NPA ratio improved to 3.35% from 3.58% in Jun’20.
Provision Coverage Ratio (PCR) stood at 86.17% against 86.24% in Mar’21 and
84.87% in Jun’20.

Capital Adequacy:
As on 30.06.2021, Bank’s total Capital Adequacy Ratio (CRAR) was at 15.07%
against 14.93% in Mar’21.
CET-1 ratio stood at 11.52% as on Jun’21 against 11.51% in Mar’21.
Priority Sector & Financial Inclusion:
Priority Sector advances increased by 10.58% YoY to Rs. 1,39,020 Cr in
Jun’21 which constitutes 39.65% of ANBC.
Advances to Small & Marginal farmers constitutes 9.35% to ANBC and that
to Weaker sections constitutes 12.10%, which are well above the regulatory
norm.
Sanctions under PMSVANidhi 97.82% and disbursement, 96.91%.