MUMBAI, (GNI): M Rego, MD & CEO of Bank of India (BOI) announces Q3 FY2016 Results on Thursday evening at their BKC office in Mumbai – photo by Sumant Gajinkar (GNI)
Bank Of India announces Q3 FY2016 Results
MUMBAI, FEBBank Of India total business stood at Rs.926,686 Crores as of 31st December 2015, as compared to Rs.940,623 Crores as of 31st December 2014, showing a y-o-y negative growth of -1.48%. While deposits have de-grown by -0.27% (y-o-y) to Rs.528,772 Crores, Gross Advances stood at Rs.397,914 Crores with a negative growth of -3.04%. CASA ratio (domestic operations) stood at 32.26% as on 31st December, 2015. Overseas business recorded a negative growth of -4.30% and stood at 28% of total business of the Bank. Gross NPAs of the Bank increased from Rs.29,894 Crores in Q2 to Rs.36,519 Crores in Q3 FY’16 sequentially. Net NPAs moved up from Rs.16,466 Crores to Rs.19,979 Crores, during the same period. The ratio of gross NPAs moved up from 7.55% in Q2 to 9.18% in Q3-FY’16, whereas the net NPA Ratio moved up from 4.31% to 5.25% on sequential quarter basis.The provision coverage ratio stood at 54.50% as of 31st December, 2015. Total Standard Restructured advances stood at Rs.17,270 Crores in December 2015 against Rs. 21,828 Crores in March 2015 and Rs. 19,307 Crores in September 2015. Total Stressed Assets (NPA + Restructured Advances), as a result, increased from Rs.49,201 Crores (12.43%) in September 2015 to Rs.53,789 Crores (13.51%) of total Global advances. The NPA position of the Bank reflects partial impact of the Asset Quality Review (AQR) exercise of RBI. The view on the remaining stressed accounts will be taken during Q4 on the strength of their performance.
Profits & Profitability for the Quarter – December 15:
Net Interest Income for Q3-FY’16 stood at Rs. 2,605 Crores compared to Rs.2,780 Crores of Q3 FY’15. Operating Profits for Q3-FY’16 stood at Rs.1,409 Crores compared to Rs.1,865 Crores of Q3-FY’15. The Bank has posted net loss for the December 2015 quarter of Rs.1,506 Crores as compared to a net profit of Rs.173 Crores for Q3 FY’15. Total provisions (other than taxes) increased from Rs.3,238 Crores to Rs.3,604 Crores, on sequential quarter basis. The capital adequacy of the Bank in terms of CET1, Tier I and CRAR as per BASEL III guidelines stood at 7.00%, 7.88% and 11.28% respectively. Net Interest Margin (Domestic) stood at 2.23% for the quarter Q3-FY’16, as against 2.77% for September 2015 quarter. Bank has recorded a combined recovery and upgradation of Rs.2,393 Crores during the quarter ended 31St December, 2015.
Profits & Profitability for 9 months ended December 2015 (F.Y. 2015-16) :
v Net Interest Income for 9 months period, FY’16 stood at Rs.8,537 Crores compared to Rs.8,497 Crores of corresponding period of FY’15.
v Operating Profit for 9 months period, FY’16 stood at Rs.4,571 Crores compared to Rs. 6,061 Crores of corresponding period of FY’15.
v The Bank has posted net loss for the December 2015 (9 months period) of Rs.2,502 Crores as compared to a net profit of Rs. 1,765 Crores for the corresponding period of last year.
v Total provisions (other than taxes) for 9 months period increased from Rs.3,437 Crores to Rs.8,356 Crores, on YoY basis.
v Net Interest Margin (Domestic) stood at 2.52% for 9 months period FY’16, as against 2.53% for the corresponding period, December 14.
v Bank has recorded a combined recovery and upgradation of Rs.6,312 Crores during the 9 months ended 31st December, 2015.
· Bank’s Domestic network distributed to 4984 Branches, 7787 ATMs and 37 Extension Counters, with increase of 92 Branches and 1016 ATMs over 31.03.2015.
· Debit Cards base increased to 332.88 Lakhs as of Dec’15 from 273.79 Lakhs as of Mar’15.
· Internet Banking users (Retail) increased to 32.68 Lakhs from 29.85 Lakhs as of Mar’15.
· e-Galleries increased to 486 in Dec’15 from 412 in Mar’15
Growth in Key Sectors:
· Retail Credit stood at Rs.35,453 Crores as of Dec’15, registered a y-o-y growth of 13.30%.
· MSME Credit stood at Rs.49,445 Crores as of Dec’15, registered a y-o-y negative growth of -4.89%.
· Agriculture Credit stood at Rs.45,222 Crores as of Dec’15, registered a y-o-y growth of 15.77%.ends