Bank of India (BOI) is firing on all cylinders, reporting a stellar Q4 and a remarkable year. Here’s a breakdown of their success, with a particular focus on the global business boom:
- Profit & NII Surge: Net profit for Q4 witnessed a healthy 7% YoY jump to ₹1,439 crore. Net Interest Income (NII) also climbed 7% to ₹15,937 crore, demonstrating the bank’s efficient management of interest rates.
- FY24 Sees Explosive Growth: BOI’s full-year performance takes the cake. Net profit skyrocketed a staggering 57% to ₹6,318 crore, while NII rose a substantial 14% to a noteworthy ₹23,053 crore.
- Global Business Takes Flight: BOI’s international operations are the star of the show. Global business witnessed an impressive 11.7% increase, reaching ₹13,23,515 crore in FY24 compared to FY23. This surge translates to a significant rise in both deposits (₹7,37,920 crore) and advances (₹5,85,595 crore) for FY24. Global deposits grew by 10.2%, showcasing growing trust from international clientele. Even more impressive is the 13.5% growth in global advances, indicating BOI is actively extending credit in the international market.
- Improved Asset Quality: Adding to the positive news, Gross NPA (Non-Performing Assets) witnessed a welcome 23% decline year-on-year. This drop, from ₹37,686 crore in FY23 to ₹29,183 crore in FY24, suggests a significant reduction in loan defaults, further solidifying BOI’s financial health.
In conclusion, Bank of India’s Q4 and FY24 results are a resounding success story. The bank is experiencing robust growth across all sectors, with its global business emerging as a major growth engine. As BOI continues to expand its international presence and manage its finances effectively, the future looks bright.
