Bank of India Q1FY22 results

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%.