The Mumbai-headquartered public sector bank- Bank of India has announced their Q1FY22 results today by AK Das, MD and CEO, BoI, attributed the robust y-o-y growth in bottom-line to improved operating efficiency on the back of all-round business growth, driven mainly by an uptick in retail, agriculture and MSME (micro, small and medium enterprises) advances, and improvement in asset quality.
Operating Profit stood at Rs.2,806 Cr up by 34% over Q4FY21 while the non-Interest Income grew by 39% YoY and the net interest income (NIM) improved by 15 bps sequentially, NII up by 7%, and the Gross NPA ratio down by 40bps YoY Net NPA ratio down by 23bps, While looking at the year on year YoY Provision Coverage Ratio (PCR) at 86.17% improved by 130 bps, and the YoY CRAR stood at 15.07% higher than both Mar’21 and Jun’20 RAM. On the front of the advance, there is growth of 11.02% YoY and it constitutes 51.36% of Advances.
The driving force of the bank’s retail credit grew by 10.57% YoY, in the agriculture credit front, there is the growth of 11.08% YoY. In the MSME credit sector too there is a growth of 11.45% YoY. The CASA deposits increased by 13.80% YoY, while the credit cost has declined by 241 bps over Q4FY21, in the slippages, the ratio declined by 96 bps over Q4FY21.
Overall the bank has shown robust growth in every front of the banking business.