Bank of India announces Q2FY21 results

- Bank of India has registered a Net Profit of Rs.526 Crores in Q2FY21, an increase of 97.74% over Q2FY20.

- Operating Profit increased to Rs.3,098 Crores in Q2FY21 from Rs.2,460 Crores in Q2FY20, an increase of 25.93% YoY.

- Non-Interest Income for Q2FY21 at Rs.1,613 Crores is up by 21.55% over Q2FY20. The non-interest income was bolstered by growth in Treasury income.

- Net Interest Income of the Bank stood Rs.4,113 Crores in Q2FY21 against Rs.3,860 Crores in Q2FY20.

- Global Net Interest Margin (NIM) during Q2FY21 stood at 2.66% and domestic Net Interest Margin stood at 2.88% compared with 2.99% and 3.36% during Q2FY20.

- Cost-to-income Ratio (global) improved to 45.91% YoY as against 52.58% in Q2FY20.

- Cost of Deposits (global) improved both YoY and sequentially. From 4.62% in Q2FY20 and 4.32 % in Q1FY21 the ratio improved to 4.17% in Q2FY21.

- Global Business increased by 13.45% to Rs.10,15,400 Crores, out of which Global Deposits increased by 17.28% YoY and Global Advances increased 8.19% YoY.

- Home loan, which constitutes 59.15 % of Bank's domestic retail credit, went up by 12.23% YoY.

- Domestic CASA deposits recorded a growth of 13.02% with CASA share at 39.49% in Q2FY21.

- Priority Sector advances constitutes 43.96% of ANBC in Q2FY21, above the regulatory requirement.

- The Risk Weighted Assets declined sequentially by 2.67% and 1.93% YoY.

- Net NPA ratio at 2.89% is down by 298 bps YoY and 69 bps QoQ. Gross NPA ratio at 13.79% is down by 252 bps YoY and 12 bps QoQ.

- Provision Coverage Ratio (PCR) has improved to 87.91%, up 1079 bps YoY and 304 bps QoQ.

- Capital Adequacy Ratio (CAR) as per Basel-III stood at 12.80% in Q2FY21.

- Global Return on Assets (RoA) increased by 12 bps YoY to 0.28% in Q2FY21 against 0.16% in Q2FY20.

Shares of BANK OF INDIA was last trading in BSE at Rs.41.1 as compared to the previous close of Rs. 39.9. The total number of shares traded during the day was 697060 in over 2679 trades.

The stock hit an intraday high of Rs. 41.85 and intraday low of 40.3. The net turnover during the day was Rs. 28614675.

Source : Equity Bulls

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