Bank of India | Business Upturn

Bank of India adjusts base rate to 9.50% effective from April 2026

Kinjal — Mon, 30 Mar 2026 13:50:52 +0000

Bank of India has announced changes to its lending rates, effective from 1 April 2026. The Marginal Cost of Fund based Lending Rate (MCLR) and Repo Based Lending Rate (RBLR) will remain unchanged. The current MCLR rates are set at 7.70% for overnight, 8.05% for one month, 8.20% for three months, 8.60% for six months, 8.75% for one year, and 8.90% for three years.

However, the Fixed Rate Spread (FRS) has undergone changes. The new rates are 8.75% plus Credit Risk Premium (CRP) for one year, 9.25% plus CRP for two years, 9.35% plus CRP for three years, 9.75% plus CRP for four years, and 8.75% plus Tenor Premium plus CRP for terms above five years.

Additionally, the bank has revised its Base Rate from 10% to 9.50% per annum. This adjustment will be applicable from 1 April 2026 to 30 June 2026.

These changes have been made in accordance with Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Bank of India redeems Rs 602 crore in Additional Tier I bonds

Business Desk — Mon, 30 Mar 2026 09:43:11 +0000

Bank of India has successfully redeemed its 9.30% Additional Tier I Bonds Series VII, amounting to ₹602 crore. The redemption was executed through a call option, with the principal amount and broken period interest paid to bondholders on 30th March 2026.

The bonds, identified by ISIN INE084A08144, were fully redeemed, marking the completion of the bank’s obligation under this series. The redemption was not partial, as the entire quantity of 6,020 non-convertible debentures (NCDs) was involved. Consequently, there is no outstanding amount remaining for this bond series.

The call option was exercised as per the terms outlined in the bond agreement, with the redemption date coinciding with the call option date. The last interest payment on these bonds was made on 2nd April 2025, and the bank also disbursed ₹55,67,92,268 as broken period interest to bondholders.

This strategic move by Bank of India aligns with its financial management objectives, ensuring that the bank maintains a robust capital structure while fulfilling its commitments to investors.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Bank of India faces Rs 58.5 lakh penalty from RBI for service charge violations

Kinjal — Fri, 27 Mar 2026 13:28:34 +0000

The Reserve Bank of India (RBI) has imposed a monetary penalty of ₹58,50,000 on Bank of India for violations related to the collection of ad-hoc service charges and interest payments on certain deposits.

The penalty was issued for collecting ad-hoc service charges, inspection charges, and processing charges in Priority Sector Lending (PSL) accounts up to ₹25,000. Additionally, the bank failed to pay the applicable rate of interest on Term Deposit Receipts (TDRs) from the date of maturity until the date of encashment.

The regulatory authority, the Reserve Bank of India, communicated the order to Bank of India on 27 March 2026. Despite the financial penalty, the bank has stated that the imposed penalty will not have a material impact on its financial operations or other activities.

The action taken by the RBI is in compliance with Regulation 30(4) read with Schedule III, Part A, Para A, Sub-para 20 of the SEBI (Listing Obligation and Disclosure Requirements) Regulations, 2015.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Bank of India shares rally over 3% as Q3 NII jumps 6% YoY to Rs 6,461 crore, profit up 7.5%

Aman Shukla — Thu, 22 Jan 2026 03:50:17 +0000

Shares of Bank of India surged sharply in early trade after the state-owned lender reported a steady performance for the third quarter of FY26. The stock gained momentum soon after the opening bell, reflecting positive investor sentiment around the bank’s profitability and asset quality metrics. As of 9:17 AM IST, Bank of India shares were trading 3.47% higher at ₹162.95 on the NSE.

The rally followed the bank’s Q3 FY26 earnings announcement, which showed year-on-year growth across key financial parameters. Net interest income (NII) rose 6% to ₹6,461 crore compared with ₹6,070 crore in the corresponding quarter last year.

Operating profit for the quarter increased 13.2% on a year-on-year basis to ₹4,193 crore, up from ₹3,703 crore in Q3 FY25. Net profit also registered a steady rise, climbing 7.5% to ₹2,705 crore versus ₹2,517 crore in the same period last year.

Provisions saw a sharp increase during the quarter, rising 89.7% to ₹576 crore compared with ₹303 crore a year ago.

On the asset quality front, Bank of India reported continued improvement on a sequential basis. Gross non-performing assets (Gross NPA) declined to 2.26% from 2.54% quarter-on-quarter, while net NPA eased to 0.6% from 0.65% in the previous quarter.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Top stocks for trade today, Jan 22: Eternal, Dr Reddy’s, Shriram Finance, Bank of India, Nestlé India and more

Aman Shukla — Thu, 22 Jan 2026 03:27:39 +0000

Indian equity markets are expected to witness stock-specific movements on Thursday, January 22, as investors react to a busy mix of quarterly earnings announcements, management changes, regulatory approvals and policy-related updates. With the broader indices remaining range-bound in recent sessions, company-specific triggers are likely to dominate trading sentiment.

Stocks to Watch Today – January 22

Eternal: Q3 results came in above estimates. Deepinder Goyal to step down as CEO; Albinder Dhindsa to take over.
Dr Reddy’s Laboratories: EBITDA and margins reported above estimates. Company expects semaglutide launch in Canada between January and March 2026.
Shriram Finance: Fitch placed the company’s ‘BB+’ ratings on Rating Watch Positive.
Bank of India: Loan growth reported at 13.6%, in line with guidance of 13–14%. Net interest income rose 6.4% year-on-year.
Nestlé India: Supreme Court dismissed the Income Tax Department’s appeal related to a ₹101 crore tax claim.
JSW Steel: Received Competition Commission of India approval for the Bhushan Power and Steel deal with JFE Steel Corporation, Japan.
Oracle Financial Services Software: Revenue increased 10% quarter-on-quarter. Returned to double-digit revenue growth after four quarters.
Waaree Energies: EBITDA rose 37.2% quarter-on-quarter. Margin improved to 25.5% from 23.2%.
Canara HSBC Life Insurance: Total APE increased 37.4%. Value of new business rose 66% year-on-year.
Bajaj Consumer Care: Revenue grew 30.5% year-on-year. Net profit increased 83.4% year-on-year.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

Bank of India Q3 Results: Net profit jumps 7.5% YoY to Rs 2,705 crore, NII up 6.5%

Aman Shukla — Wed, 21 Jan 2026 11:10:15 +0000

Bank of India reported a steady financial performance in the third quarter, supported by moderate profit growth and visible improvement in asset quality. The public sector lender posted a year-on-year increase in profitability, while key asset quality indicators showed sequential improvement on a quarter-on-quarter basis.

For the quarter under review, Bank of India’s net profit rose 7.5% to ₹2,705 crore, compared with ₹2,516.7 crore in the corresponding quarter of the previous year. The rise in profit was backed by growth in core earnings, reflecting stability in the bank’s operating performance.

Net Interest Income (NII) increased 6.5% year-on-year to ₹6,462.6 crore, up from ₹6,070.3 crore in the same quarter last year. The growth in NII indicates steady lending activity and sustained interest income during the quarter.

On the asset quality front, the bank reported an improvement on a sequential basis. Gross Non-Performing Assets (GNPA) declined to 2.26% from 2.54% in the previous quarter, reflecting better control over slippages. Net Non-Performing Assets (NNPA) also improved, easing to 0.60% compared with 0.65% quarter-on-quarter.

Top Q3 results today, January 21: Eternal, Dr Reddy’s Laboratories, Bank of India, Waaree Energies, PNB Housing Finance and more to announce earnings

Aman Shukla — Wed, 21 Jan 2026 02:19:20 +0000

Several listed companies are scheduled to announce their financial results for the quarter ended December 2025 (Q3 FY26) on Wednesday, January 21, 2026. The announcements are expected across a wide range of sectors, including pharmaceuticals, banking, energy, infrastructure, capital goods, consumer products, and specialty chemicals. Market participants typically track these disclosures closely, as quarterly earnings provide insight into operational performance during the festive and year-end demand period.

According to exchange disclosures and company schedules, the following companies are lined up to declare their Q3 results on January 21, 2026.

Eternal is expected to report its quarterly performance alongside Dr Reddy’s Laboratories, Hindustan Petroleum Corporation, and Bank of India. Renewable and technology-linked segments will also be in focus with results from Waaree Energies and Oracle Financial Services Software.

Metal, infrastructure, and manufacturing sector updates are expected from Jindal Stainless, Tata Communications, Supreme Industries, Dalmia Bharat, and KEI Industries. Financial services earnings will include PNB Housing Finance, UTI Asset Management Company, and Dhanlaxmi Bank.

Real estate, textiles, and consumer-oriented businesses scheduled to announce results include Anant Raj, Vardhman Textiles, Thangamayil Jewellery, Piccadilly Agro Industries, and Bajaj Consumer Care.

The chemicals, specialty materials, and industrial segment will see earnings from Gravita India, Tatva Chintan Pharma Chem, Refex Industries, Khaitan Chemicals and Fertilizers, Chembond Chemicals, Goa Carbon, Tanfac Industries, and Indo US Bio-Tech.

Energy, cement, and infrastructure-linked updates are expected from KPI Green Energy, K.P. Energy, Sagar Cements, Andhra Cement, and Dhampur Bio Organics.

Other companies scheduled to announce their Q3 FY26 results on the same day include Gallantt Ispat, Canara HSBC Life Insurance Company, Rajratan Global Wire, Epack Prefab Technologies, Sangam (India), Wendt (India), Systematix Corporate Services, Jagsonpal Pharmaceuticals, Muthoot Capital Services, Standard Capital Market, Achyut Healthcare, Shilp Gravures, RS Software (India), Prerna Infrabuild, Shekhawati Industries, Rajnish Retail, Nova Iron & Steel, Rathi Bars, Poona Dal and Oil Industries, Morarka Finance, Pentokey Organy (India), Gian Life Care Limited, and Atharv Enterprises.

Disclaimer: This article is for informational purposes only. It is not intended to be investment advice or a recommendation to buy or sell any stock. Readers are advised to consult their financial advisor before making any investment decisions.

Bank of India Q3 business update: Global deposits rise 11.64% YoY to Rs 8.87 lakh crore, Global Gross Advances Grow 13.55%

Aman Shukla — Fri, 02 Jan 2026 11:28:38 +0000

Bank of India released its Q3 business update for the quarter ended December 31, 2025, highlighting steady year-on-year growth across key balance sheet parameters.

As of December 31, 2025, the bank’s global business stood at ₹16,27,098 crore, compared with ₹14,46,295 crore in the corresponding quarter last year, reflecting a year-on-year growth of 12.50%.

Global deposits rose to ₹8,87,287 crore as on December 31, 2025, up from ₹7,94,788 crore a year earlier, translating into an annual growth of 11.64%. On a quarter-on-quarter basis too, deposits showed an upward trend from ₹8,53,301 crore reported as of September 30, 2025.

Global gross advances increased to ₹7,39,811 crore at the end of Q3 FY26, compared with ₹6,51,507 crore in the year-ago period. This marks a healthy year-on-year growth of 13.55%.

On the domestic front, deposits reached ₹7,65,500 crore as on December 31, 2025, registering a growth of 12.80% over ₹6,78,626 crore recorded in the same quarter last year. Domestic gross advances also moved higher to ₹6,28,617 crore from ₹5,46,268 crore, posting a year-on-year increase of 15.07%.

Retail, Agriculture and MSME (RAM) advances continued to contribute meaningfully to domestic growth. Gross domestic RAM advances stood at ₹3,67,146 crore as on December 31, 2025, compared with ₹3,11,950 crore in the corresponding period last year, reflecting a growth of 17.69%.

Bank of India shares jump 2% as Q2 total business rises 11.8% YoY to Rs 15.62 lakh crore, deposits up 10.08%

Aman Shukla — Tue, 07 Oct 2025 03:51:09 +0000

Bank of India shares surged over 2% after the bank reported a strong Q2 business update. The performance highlighted robust growth across both domestic and global operations, boosting investor confidence. As of 9:20 AM, the shares were trading 1.61% higher at Rs 128.07.

The bank’s total business reached ₹15,61,888 crore, marking an 11.8% increase from ₹13,97,100 crore a year ago. Global deposits climbed to ₹8,53,301 crore, up 10.08% year-on-year, while global gross advances rose to ₹7,08,587 crore, a 13.94% increase.

On the domestic side, deposits increased to ₹7,30,097 crore, an 8.53% rise from last year. Retail term deposits saw a notable jump to ₹3,45,026 crore, up 14.15% year-on-year. Domestic gross advances also strengthened, reaching ₹5,96,794 crore, reflecting healthy growth of 14.62%.

Bank of India Q2 Business Update: Total business jumps 11.8% YoY to Rs 15.62 lakh crore, deposits up 10.08%

Aman Shukla — Mon, 06 Oct 2025 10:50:06 +0000

Bank of India has reported robust provisional financial results for the second quarter ending September 30, 2025, showcasing strong growth across its domestic and global operations.

The bank’s total business reached ₹15,61,888 crore, reflecting an 11.8% increase compared to ₹13,97,100 crore a year ago. Global deposits rose to ₹8,53,301 crore, up 10.08% year-on-year, while gross advances on a global scale reached ₹7,08,587 crore, marking a 13.94% increase.

On the domestic front, deposits grew to ₹7,30,097 crore, an 8.53% rise from the previous year, with retail term deposits witnessing a significant jump to ₹3,45,026 crore, up 14.15% year-on-year. Domestic gross advances also strengthened, reaching ₹5,96,794 crore, reflecting a healthy growth of 14.62%.

Key Highlights of Bank of India Q2 Performance:

Total Business (Global): ₹15,61,888 crore, up 11.8% YoY from ₹13,97,100 crore in September 2024.
Global Deposits: ₹8,53,301 crore, registering a 10.08% YoY increase.
Global Gross Advances: ₹7,08,587 crore, reflecting a 13.94% YoY growth.
Domestic Deposits: ₹7,30,097 crore, up 8.53% compared to the previous year.
Retail Term Deposits (Domestic): ₹3,45,026 crore, a significant jump of 14.15% YoY.
Domestic Gross Advances: ₹5,96,794 crore, marking a healthy 14.62% YoY growth.

Bank of India’s Q2 results reflect solid operational performance, with healthy growth across deposits, advances, and total business.

Bank of India shares jump nearly 3% as Q1 net profit rises 32% YoY to Rs 2,252 crore

Aman Shukla — Wed, 30 Jul 2025 03:54:45 +0000

Bank of India shares climbed nearly 3% in early trade on Wednesday, July 30, following the announcement of its Q1FY26 results. The stock opened at ₹112.90 and touched an intraday high of ₹115.39, compared to the previous close of ₹112.17. As of 9:23 AM, the shares were trading 2.87% higher at Rs 115.39.

In the April-June quarter, Bank of India posted a 32.2% year-on-year rise in net profit, which came in at ₹2,252 crore, up from ₹1,703 crore in the same period last year. However, Net Interest Income (NII) declined by 3.3% to ₹6,068 crore from ₹6,276 crore in Q1FY25.

Asset quality showed clear improvement. Gross NPA fell to 2.92% from 3.27% in the previous quarter, while Net NPA dropped to 0.75% from 0.82%, highlighting better credit discipline and recoveries.

Bank of India Q1 Results: Net profit rises 32% YoY to Rs 2,252 crore, NII down 3.3% YoY

Aman Shukla — Tue, 29 Jul 2025 11:07:43 +0000

Bank of India (BOI) has announced its financial results for the first quarter of FY26, showcasing a strong improvement in profitability despite a marginal decline in core income.

The bank reported a 32.2% year-on-year jump in net profit, which rose to ₹2,252 crore in Q1 FY26 from ₹1,703 crore in the same quarter last year. However, the Net Interest Income (NII) saw a decline of 3.3%, coming in at ₹6,068 crore compared to ₹6,276 crore in Q1 FY25.

On the asset quality front, Bank of India delivered a steady performance. The Gross Non-Performing Assets (GNPA) ratio improved to 2.92% from 3.27% in the previous quarter. Similarly, Net NPA declined to 0.75%, down from 0.82% sequentially.

In the meantime, Bank of India shares closed at ₹112.30 on July 29, slightly higher than the opening price of ₹111.31. During the day, the stock touched a high of ₹112.71 and a low of ₹110.30. The stock remains below its 52-week high of ₹130.24 and above the 52-week low of ₹90.05.

Top Q1 Results Today, July 29: L&T, Asian Paints, NTPC, Amber Enterprises, Bank of India, Deepak Fertilisers and more to announce earnings

Aman Shukla — Tue, 29 Jul 2025 00:30:24 +0000

Several major Indian companies are scheduled to announce their financial results for the first quarter of FY26 on Tuesday, July 29. Key players across sectors such as infrastructure, paints, power, insurance and manufacturing are on the list.

Larsen & Toubro (L&T) and Asian Paints, both Nifty 50 constituents, will be closely watched. NTPC Ltd, India’s largest power utility, is also set to post its Q1 results today.

Here’s a full list of companies declaring their Q1 FY26 results today:

Asian Paints Ltd
Larsen & Toubro Ltd (L&T)
NTPC Ltd
Amber Enterprises India Ltd
Allied Blenders and Distillers Ltd
Apar Industries Ltd
Arvind Ltd
ASK Automotive Ltd
Bank of India
Blue Dart Express Ltd
Craftsman Automation Ltd
Dilip Buildcon Ltd
Deepak Fertilisers & Petrochemicals Corp. Ltd
Emami Paper Mills Ltd
Gateway Distriparks Ltd
GMR Airports Infrastructure Ltd
Greenply Industries Ltd
Happiest Minds Technologies Ltd
Kolte-Patil Developers Ltd
Lloyds Engineering Works Ltd
New India Assurance Company Ltd
Novartis India Ltd
Piramal Enterprises Ltd
Strides Pharma Science Ltd
Star Health and Allied Insurance Company Ltd
Varun Beverages Ltd
V-Guard Industries Ltd
Welspun Corp Ltd
Zee Media Corporation Ltd

Disclaimer: This article is for informational purposes only. It is not intended to be investment advice or a recommendation to buy or sell any stock. Readers are advised to consult their financial advisor before making any investment decisions.

Bank of India Q4 Update: Global business jump 11.95% YoY to Rs 14,81,689 crore

Aman Shukla — Thu, 03 Apr 2025 08:34:19 +0000

Bank of India (BOI) has demonstrated robust financial performance for the fiscal year ending on March 31, 2025. With double-digit growth across key financial metrics, the bank continues to strengthen its market position in both domestic and global banking sectors.

Key Highlights of Bank of India’s Performance (As of March 31, 2025)

1. Global Business Growth

Total Global Business surged to ₹14,81,689 crore, registering an 11.95% Y-o-Y growth compared to ₹13,23,515 crore in March 2024.

2. Deposits Performance

Global Deposits reached ₹8,16,539 crore, reflecting a 10.65% growth from ₹7,37,920 crore in March 2024.
Domestic Deposits grew by 11.21%, reaching ₹7,00,294 crore from ₹6,29,717 crore.

3. Gross Advances

Global Gross Advances rose to ₹6,65,151 crore, marking a 13.59% Y-o-Y growth from ₹5,85,595 crore.
Domestic Gross Advances showed an even higher increase of 14.28%, reaching ₹5,62,728 crore from ₹4,92,392 crore.

In the meantime, Bank of India’s shares opened at ₹110.25 today, reaching a high of ₹118.15 and a low of ₹109.58. The stock remains significantly below its 52-week high of ₹157.95 but above the 52-week low of ₹90.05.

Bank of India shares surge 4% as Q3 results beat estimates, profit rises 35%

Aman Shukla — Mon, 27 Jan 2025 04:49:25 +0000

Bank of India (BoI) shares jumped 4% in morning trade following the bank’s impressive Q3 results for FY2025 which was better than estimates.

The bank reported a 35% surge in net profit, reaching Rs 2,517 crore for the December quarter, up from Rs 1,870 crore a year ago. The stellar performance was driven by a significant reduction in bad loans and strong growth in income.

Total income for Q3 FY25 increased to Rs 19,957 crore, compared to Rs 16,411 crore in the same period last year. The bank’s interest income rose to Rs 18,210 crore from Rs 15,218 crore, while net interest income (NII) climbed to Rs 6,070 crore from Rs 5,463 crore in Q3 FY24.

Operating profit saw a healthy increase to Rs 3,703 crore, up from Rs 3,004 crore in the previous year, highlighting the bank’s efficient cost management and strong core operations.

On the asset quality front, BoI made impressive strides. Gross non-performing assets (NPAs) fell sharply to 3.69% of gross loans from 5.35% a year ago. Net NPAs also declined to 0.85% from 1.41%, showcasing the bank’s improving asset quality. The Provision Coverage Ratio (PCR) improved to 92.48% from 89.95%, indicating stronger reserves for potential loan losses. The bank’s Capital Adequacy Ratio (CAR) remained stable at 16%, signaling a solid capital position.

Bank of India shares opened today at ₹100.00, reaching a high of ₹104.00 and a low of ₹99.11. Over the past 52 weeks, the stock has seen a high of ₹157.95 and a low of ₹90.05.

Bank of India secures $300 million syndicated loan, launches roadshows in Singapore and Taipei

Aditya Bhagchandani — Thu, 16 Jan 2025 13:18:02 +0000

Bank of India (BOI) has successfully arranged a $300 million syndicated loan, as announced in its disclosure to the stock exchanges on January 16, 2025. The loan was facilitated by CTBC Bank Co. Ltd. and Standard Chartered Bank Plc, who acted as the mandated lead arrangers, underwriters, and book-running banks.

The loan agreement includes a green shoe option for an additional $100 million, reflecting BOI’s strategic efforts to attract global investors. To enhance engagement, BOI has scheduled roadshows in Singapore on January 17, 2025, and in Taipei on January 20, 2025.

The initiative aligns with the bank’s objectives to strengthen its global presence and leverage opportunities in international markets. BOI’s ability to secure such a substantial syndicated loan underscores its credibility and robust financial standing in the global banking landscape.

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions. Author or Business Upturn is not liable for any losses arising from the use of this information.

PSU Banks Tumble Today: Bank of Baroda down 4.9%, Bank of India down 3.5%, Union Bank down 6.7%

Aditya Bhagchandani — Mon, 06 Jan 2025 06:52:25 +0000

Public sector banks witnessed a sharp sell-off in the markets today, with major PSU banking stocks plunging after four consecutive days of gains. Investors turned cautious following news of the first Human Metapneumovirus (HMPV) case detected in Bengaluru amid reports of a virus outbreak in China. The S&P BSE BANKEX Index dropped 1.5%, reflecting the pressure on the sector.

Key Performers in the PSU Bank Sector:

Scrip	BSE Price (₹)	NSE Price (₹)	% Change (NSE)
Bank of Baroda	229.85	229.99	-4.82%
Bank of India	101.15	101.01	-3.54%
Bank of Maharashtra	53.32	53.30	-3.32%
Canara Bank	98.10	98.16	-3.24%
Central Bank	53.18	53.22	-3.43%
IDBI Bank	75.21	75.27	-2.90%
Indian Bank	508.25	507.70	-3.18%
Indian Overseas Bank	51.36	51.31	-3.37%
PNB	102.50	102.55	-3.62%
Punjab & Sind Bank	47.90	47.91	-2.72%
SBI	783.00	783.90	-1.20%
UCO Bank	43.45	43.41	-3.45%
Union Bank	115.70	115.75	-6.70%

Index Movement:

S&P BSE BANKEX: Down 1.5% at 57,057.1. The index has declined 3.8% over the last 30 days but gained 6.2% over the past year.
S&P BSE SENSEX: Down 1.2% at 78,285.9.

The PSU banking sector remains under selling pressure as the markets react to global concerns and local developments. Analysts expect near-term volatility, and all eyes remain on upcoming economic data and global trends.

Bank of India Credit Risk Fund sees 6.33% returns in last year, top holdings in Aditya Birla Real Estate & Rashtriya Chemicals

Aman Shukla — Sat, 04 Jan 2025 09:30:24 +0000

The Bank of India Credit Risk Fund Direct-Growth is a debt mutual fund offered by Bank of India Mutual Fund. With an Assets Under Management (AUM) of ₹114.92 Crores, the latest Net Asset Value (NAV) stands at ₹12.068.

Over the past year, the fund has delivered a return of 6.33%. In the last three years, it has generated an impressive 174.56%, while since its inception, the return stands at 20.34%.

Bank of India Credit Risk Fund Return

Period	This fund	Category average
1 month	0.26%	0.43%
3 months	1.27%	2.02%
6 months	2.7%	4.42%
1 year	6.33%	8.89%
3 years	40.03%	10.13%
5 years	10.87%	7.36%
7 years	-1.19%	6.03%

Bank of India Credit Risk Fund Top 5 Holdings

Name	Sector	Instrument	Assets
Aditya Birla Real Estate Ltd.	Consumer Staples	Debenture	10.40%
Rashtriya Chemicals and Fertilizers Ltd.	Chemicals	Debenture	8.74%
JSW Steel Ltd.	Metals & Mining	Debenture	8.73%
Nirma Ltd.	Consumer Staples	Debenture	8.73%
360 ONE Wealth Ltd.	Financial	Debenture	8.71%

Sector Allocation in Bank of India Credit Risk Fund

Category	Percentage	Amount (₹)
Cash Holding	32.62%	37.49 Cr
Others	67.38%	77.43 Cr

Disclaimer: Mutual fund investments are subject to market risks. Please read the scheme information document and other related documents carefully before investing. Past performance is not indicative of future results. The information provided in this article is for informational purposes only and should not be construed as investment advice or a recommendation. Readers are advised to seek independent financial advice before making any investment decisions. The author and the publication are not responsible for any investment losses incurred based on the information in this article.

Bank of India Small Cap Fund delivers 34.24% return in last year, 92.56% over 3 years; Check details

Aman Shukla — Sat, 04 Jan 2025 04:30:15 +0000

The Bank of India Small Cap Fund Direct-Growth is an equity-focused mutual fund offered by Bank of India Mutual Fund. The fund boasts an Assets Under Management (AUM) of ₹1,613.36 crores, with its most recent Net Asset Value (NAV) declared at ₹55.620.

This fund has delivered impressive returns, showcasing a growth of 34.24% over the past year. Over a three-year horizon, the returns have surged to an impressive 92.56%. Since its inception, the fund has recorded a remarkable overall growth of 453.05%.

Bank of India Small Cap Fund Return

Period	This fund	Category average
1 month	-0.82%	-0.61%
3 months	2.51%	0.26%
6 months	6.98%	4.98%
1 year	34.24%	27.72%
3 years	23.75%	22.66%
5 years	39.31%	33.09%

Bank of India Small Cap Fund Top 5 Holdings

Name	Sector	Instrument	Assets
Vijaya Diagnostic Centre Ltd.	Healthcare	Equity	2.99%
Ami Organics Ltd.	Healthcare	Equity	2.90%
Kaynes Technology India Ltd.	Capital Goods	Equity	2.60%
CarTrade Tech Ltd.	Services	Equity	2.30%
Radico Khaitan Ltd.	Consumer Staples	Equity	2.19%

Sector Allocation in Bank of India Small Cap Fund

Sector	Weight (%)	Amount (₹ Cr)
Capital Goods	17.20%	₹277.50
Healthcare	13.89%	₹224.10
Financial	11.19%	₹180.54
Consumer Staples	8.81%	₹142.14
Chemicals	8.46%	₹136.49
Others	40.45%	₹652.61

Bank of India Manufacturing & Infrastructure Fund delivers 29.94% return in last year, 98.84% over 3 years; Check details

Aman Shukla — Sat, 04 Jan 2025 03:58:11 +0000

The Bank of India Manufacturing & Infrastructure Direct-Growth is an equity mutual fund scheme managed by Bank of India Mutual Fund. It boasts an Assets Under Management (AUM) of ₹538.80 crores, with its latest Net Asset Value (NAV) recorded at ₹65.140.

The fund has delivered impressive returns: 29.94% over the past year, 98.84% in the last three years, and an exceptional 660.05% since its inception.

Bank of India Manufacturing & Infrastructure Fund Return

Period	This fund	Category average
1 month	-2.95%	-2.36%
3 months	-3.7%	-3.45%
6 months	-1.29%	-4.49%
1 year	29.94%	29.62%
3 years	24.89%	28.11%
5 years	31.98%	29.25%
7 years	17.77%	17.17%
10 years	18.02%	16.81%

Bank of India Manufacturing & Infrastructure Fund Top 5 Holdings

Name	Sector	Instrument	Assets
Larsen & Toubro Ltd.	Construction	Equity	5.24%
NTPC Ltd.	Energy	Equity	5.22%
Vedanta Ltd.	Metals & Mining	Equity	4.02%
Reliance Industries Ltd.	Energy	Equity	3.62%
Manorama Industries Ltd.	Consumer Staples	Equity	3.01%

Sector Allocation in Bank of India Manufacturing & Infrastructure Fund

Sector	Allocation (%)	Investment (₹ Cr)
Construction	15.39%	₹82.92 Cr
Energy	12.42%	₹66.93 Cr
Capital Goods	11.32%	₹60.99 Cr
Metals & Mining	10.79%	₹58.14 Cr
Automobile	10.68%	₹57.54 Cr
Others	39.40%	₹212.29 Cr

Bank of India’s Global Business jump 13.63% YoY to Rs 14,46,359 crore for Q3 FY25

Aman Shukla — Fri, 03 Jan 2025 11:27:16 +0000

Bank of India has released its provisional performance data for the period ending 31st December 2024. The figures demonstrate robust growth across key financial metrics.

Key Highlights:

Global Business:
- As of December 31, 2024, the total business of the Bank reached ₹14,46,359 crore, marking a Year-on-Year growth of 13.63% compared to ₹12,72,887 crore in the previous year (December 31, 2023).
Global Deposits:
- Global deposits stood at ₹7,94,787 crore as of December 31, 2024, reflecting a growth of 12.29% from ₹7,07,827 crore on December 31, 2023.
Global Gross Advances:
- Gross advances for the Bank totaled ₹6,51,572 crore by December 31, 2024, showing a significant growth of 15.31% compared to ₹5,65,060 crore in December 2023.
Domestic Deposits:
- Domestic deposits grew to ₹6,78,626 crore, a Year-on-Year increase of 13.27% from ₹5,99,137 crore as of December 31, 2023.
Domestic Advances:
- Domestic advances rose to ₹5,46,150 crore, reflecting a growth of 14.98% from ₹4,75,012 crore in December 2023.

Bank of India raises USD 300 million through syndicated term loan

Matrika Shukla — Tue, 31 Dec 2024 10:50:16 +0000

Bank of India, a leading public sector bank in India, has successfully raised a syndicated term loan amounting to USD 300 million through its International Banking Unit (IBU) located at Gift City. This funding marks a significant achievement for the bank in accessing international financial markets to support its operations and future growth strategies.

The loan has been structured into two distinct tranches to cater to varied financial requirements. The first tranche of USD 150 million has a tenure of three years, while the second tranche of USD 150 million comes with a longer tenure of five years. This structured approach ensures that the funds are aligned with the bank’s medium- and long-term financial objectives.

The funds were received on December 30, 2024, from the Mandated Lead Arranger Underwriter and Book Runner Banks (MLAUBs), showcasing the bank’s credibility and ability to attract global financial institutions. The funds will be syndicated in the March quarter of FY 2024-25, further strengthening the bank’s liquidity position and enhancing its capacity to meet diverse financial needs.

This transaction not only underscores Bank of India’s robust standing in the global banking ecosystem but also highlights its strategic focus on leveraging Gift City’s International Banking Unit for raising international capital. The proceeds from this loan will likely be utilized for various operational purposes, including expanding lending capabilities, supporting trade finance, and enhancing the bank’s overall capital adequacy.

Key Highlights:

Loan Amount: USD 300 million
Tenure: USD 150 million for 3 years and USD 150 million for 5 years
Branch: International Banking Unit (IBU), Gift City
Disbursement Date: December 30, 2024
Syndication Timeline: March quarter of FY 2024-25

PSU bank stocks: Bank of India gains 4.08%, Indian Overseas Bank up 3.48%, Bank of Maharashtra rises 3.10% this week

News Desk — Sun, 01 Dec 2024 05:15:21 +0000

Public sector banks (PSU) showed a positive trend during the week of November 25–29, 2024, with most counters closing in the green.

Bank of India Ltd led the pack, gaining ₹4.33 (4.08%) to close at ₹110.35. Indian Overseas Bank followed with a strong performance, rising ₹1.81 (3.48%) to ₹53.79. Bank of Maharashtra also saw significant buying interest, gaining ₹1.70 (3.10%) to close at ₹56.60.

Other gainers included Union Bank of India with a rise of ₹3.33 (2.82%) to ₹121.45 and Central Bank of India, which added ₹1.50 (2.76%) to close at ₹55.86. Modest gains were observed in Punjab National Bank (+0.93%), Bank of Baroda (+0.43%), Canara Bank (+2.10%), and Punjab & Sind Bank (+2.08%).

Weekly Performance Table

Stock	Closing Price (₹)	Weekly Gain (₹)	Weekly Gain (%)
Bank of India Ltd	110.35	+4.33	+4.08
Indian Overseas Bank	53.79	+1.81	+3.48
Bank of Maharashtra	56.60	+1.70	+3.10
Union Bank of India	121.45	+3.33	+2.82
Central Bank of India	55.86	+1.50	+2.76
Punjab & Sind Bank	49.95	+1.02	+2.08
Canara Bank	101.99	+2.10	+2.10
Bank of Baroda	246.30	+1.05	+0.43
Punjab National Bank	104.85	+0.93	+0.89
State Bank of India	838.70	+1.90	+0.23

The PSU banking sector displayed resilience, reflecting continued investor confidence in government-backed institutions.

Disclaimer:

This article is for informational purposes only and should not be interpreted as financial or investment advice. Readers are advised to consult with a professional financial advisor before making any investment decisions.

Bank of India raises Rs 5,000 crore via private placement of long-term bonds

Aditya Bhagchandani — Wed, 27 Nov 2024 09:49:08 +0000

Bank of India has successfully raised Rs 5,000 crore through the issuance of long-term infrastructure bonds via private placement. The bonds received an overwhelming response, with total bids amounting to Rs 13,700 crore, oversubscribing the base issue size of Rs 2,000 crore by 6.85 times.

Key Details of the Issue:

Type of Bonds: Unsecured, Subordinated, Redeemable, Non-Convertible, Taxable, and Fully Paid-Up Infrastructure Bonds.
Face Value: Rs 1 lakh per bond.
Total Issue Size: Rs 2,000 crore base issue with a green shoe option of Rs 3,000 crore, aggregating to Rs 5,000 crore.
Coupon Rate: 7.41% per annum.
Number of Bonds Issued: 5,00,000.
Opening and Closing Date: 27th November 2024.
Deemed Date of Allotment: 29th November 2024.
Number of Bids Received: 97.
Accepted Bids: 43.

The bonds were issued via the NSE Electronic Bidding Platform, ensuring seamless execution. This successful fundraising demonstrates the trust and confidence of investors in the bank’s robust financial position and its ability to drive infrastructure growth.

Bank of India Q2 results: Stock jumps 2% ahead of result announcement

Aman Shukla — Mon, 11 Nov 2024 06:08:34 +0000

Bank of India shares saw a notable uptick, gaining over 2% just ahead of the bank’s Q2 results. The stock opened at ₹111.03, reaching an intraday high of ₹115.00.

The stock’s 52-week high stands at ₹157.95, while the 52-week low is ₹96.00, highlighting significant market fluctuations over the past year. Investors are closely watching the upcoming earnings report, which could provide insights into the bank’s financial health and future prospects.

As of 11:37 am, Bank of India shares were trading 2.40% higher at Rs 114.32 on the NSE.

Bank of India Q2 FY25: Global business grows 12% YoY to ₹13.96 trillion, deposits rise 10.15% to ₹7.75 trillion

Aditya Bhagchandani — Mon, 07 Oct 2024 05:02:27 +0000

Bank of India has released its provisional financial figures for Q2 FY25, showcasing solid growth across various financial metrics. Here’s a snapshot of their performance:

Global Business & Deposits

Global Business: The bank’s global business increased by 12% year-on-year, reaching ₹13.96 trillion as of September 30, 2024.
Global Deposits: Deposits saw a growth of 10.15%, rising to ₹7.75 trillion.
Global Advances: The bank’s advances showed a robust growth of 14.41%, reaching ₹6.21 trillion by the end of Q2.

Domestic Business Performance

Domestic Deposits: There was a 12.34% increase in domestic deposits, which reached ₹6.72 trillion.
Domestic Advances: The domestic advances saw a rise of 14.94%, totaling ₹5.20 trillion.

These figures are subject to review by the bank’s Statutory Central Auditors. The consistent growth across the bank’s business indicates strong performance and expansion both globally and domestically.

Bank of India shares slip 7% on weak Q3 deposit growth, muted NIM

Markets Desk — Mon, 05 Feb 2024 05:58:24 +0000

Bank of India share price drops 7% to hit a low of Rs 138.60 against the previous close of Rs 151.55 after the public sector lender reported its Q3 earnings. The bank’s Q3 net profit grew 62% on a YoY basis to Rs 1,869 crore against Rs 1,151 crore. This however is significantly lower than the expectation of Rs 2,104 crore from Morgan Stanley.

The Net Interest Income also came in lower at Rs 5,463.5 crore against Morgan Stanley’s expectation of Rs 5,797 crore.

The bank’s deposit growth has been weak, coming in at a 9-quarter low. Its Q3 deposits came in at Rs 7,07,827 crore against Rs 7,03,751 in the previous quarter. Bank’s Net Int Margin came in at 2.85% in Q3, against 3.28% in the previous quarter.

Stocks To Watch Today: SBI, Paytm, Tata Motors, IndiGo, Zee Ent

Markets Desk — Sun, 04 Feb 2024 23:36:54 +0000

With the interim budget behind us, the focus now will shift back to the end of the Q3 earnings season and the Monetary policy meet of the Reserve Bank of India scheduled this week. In today’s trade, the markets will react to earnings from SBI, Tata Motors and UPL from the Nifty pack.

Top stocks to watch today are SBI, Tata Motors, UPL, Paytm, Zee Entertainment, Bank of India, IndiGo.

State Bank of India (SBI): Shares of SBI will be in focus today on the back of its Q3 earnings. The bank’s Q3 net profit declined 35% on a YoY basis to Rs 9,163 crore, accounting to an one-time exceptional item of Rs 7,100 crore.

Tata Motors: Tata Motors will be in focus today after reporting a stellar set of Q3 earnings. The company’s net profit jumped 137% on a YoY basis at Rs 7,025 crore against a profit of Rs 2,958 crore in the same period last year. The company also increased its FY24 EBIT margin guidance for JLR.

Paytm: Paytm continues to remain in focus after the recent developments around its Payments arm. In the latest development, according to reports, RBI found significant KYC irregularities, submission of false compliance by the company. Furthermore, the company in an exchange filing over the weekend siad that they categorically deny any investigation by ED on OCL, its associates and/or its Founder & CEO for anti-money laundering activities.

Zee Entertainment: The Emergency Arbitrator has denied the former’s application against Zee Entertainment in the Singapore International Arbitration Center.

UPL, IndiGo and Bank of India besides others will also be in focus in trade today on the back of their Q3 earnings.

Bank of India Shares Rise 3% on Strong Q3 Performance

Aditya Bhagchandani — Thu, 11 Jan 2024 04:26:16 +0000

Bank of India’s share price saw a notable gain of nearly 3% in early trade on January 11, driven by the company’s robust performance in deposits and advances for the December quarter.

As of 9:53 am, the shares were trading 2.03% higher at ₹120.60.

The state-owned bank reported a substantial 9.9% increase in its total global business, reaching Rs 12,76,389 crore. Notably, total global deposits exhibited an 8.66% surge, totaling Rs 7,10,307 crore, with domestic deposits showing a commendable 7.62% increase at Rs 5,99,137 crore, as per the bank’s business update.

Bank of India also recorded an impressive 11.5% jump in its gross global advances, reaching Rs 5,66,081 crore. Additionally, domestic advances witnessed a strong growth of 11.60%, totaling Rs 4,76,125 crore compared to the year-ago period.

Bank of India witnesses nearly 3% surge as lending rates undergo revision

Aditya Bhagchandani — Tue, 31 Oct 2023 06:59:48 +0000

Bank of India experienced a notable upswing of over 2 percent in early trading on October 31, propelled by the public sector lender’s announcement of revised lending rates.

By 12:28 pm, the stock was trading at Rs ₹97.55, reflecting a 1.99 percent increase. According to an October 30 regulatory filing, the bank disclosed adjustments in its marginal cost of fund based lending rate (MCLR) effective from November 1, aligning with the pricing policy approved by the Board.

In the revised rates, the overnight MCLR remained steady at 7.95 percent, while the MCLR for periods ranging from one month to three years experienced a marginal uptick of 5 basis points.

It is noteworthy that Bank of India is yet to unveil its Q2FY24 earnings. In Q1FY24, the bank showcased a remarkable 176 percent year-on-year surge in net profit for the quarter ending June 2023, reaching Rs 1,551 crore.

The net interest income (NII) also exhibited substantial growth, ascending by 45 percent YoY to Rs 5,915 crore.

During the same quarter, the bank disclosed a Current Account Savings Account (CASA) ratio of 44.52 percent, marking a 7.56 percent YoY rise from the previous fiscal.

Additionally, the Gross Non-Performing Assets (GNPA) ratio witnessed a 263 basis points YoY increase, reaching 6.67 percent, while the Net Non-Performing Assets (NPA) ratio saw a 56 basis points YoY decline, settling at 1.65 percent.

Bank of India MD launches upgraded Savings Accounts for all segments

United News of India (UNI) — Tue, 10 Oct 2023 12:36:31 +0000

Hydrabad/Mumbai, Oct 10 : Bank of India (BOI), one of the largest Public Sector Banks in India, has upgraded its Savings Accounts for all segments which covers salaried employees, households, individuals, youth.

The upgraded Savings Accounts now comes with Group Personal Accident Death Insurance Cover which goes as high as up to Rs.150 Lakh, air accidental insurance of up to Rs.100 lakh, concessional locker facility for Gold & Diamond SB A/C holder and free for Platinum SB A/C holder, International Debit Cum ATM card with global access/ acceptance, concessional rate of interest on Retail Loan, waiver of processing charges on Retail Loans, free issuance of Credit Cards, higher usage limit up to Rs 5 lakh on POS & free issuance of Credit Cards with varied AQB, the bank said in a release on Tuesday.

Bank Managing Director and CEO Rajneesh Karnatak , who launched upgraded Savings Accounts in Zonal Manager’s conference held in Mumbai on Monday, said that Bank is poised to grow its Savings Customers base with these newly upgraded Savings Accounts which is now enriched with finest features, concessions & insurance cover.

He said that bank’s e-platform for on-boarding Savings Customers is doing well and this upgrade of Savings Accounts will appeal to the potential customers which in turn will increase the digital on-boarding of new customers.

We are sure that upgraded Savings Accounts which now takes a very good care of savings, convenience, protection & insurance need of our customers along with attractive features in the form of various concessions, he added.

Bank of India raises Tier 2 bonds of Rs. 2000 crore at 7.88 % p.a.

Kashvi Basu — Wed, 13 Sep 2023 19:18:01 +0000

Public sector undertaking lender Bank of India on 13th of September i.e Wednesday announced that it had raised Basel III compliant Tier II bonds of ₹2,000 crores at 7.88 percent per annum. At the time of releasing the information about the subjects , the PSB also issued a press release informing that the fundraising was done through NSE’s Electronic Bidding Provider Platform.

The further details about this issue include that, the BoI said that it received a total of 83 bids amounting to ₹3,770 crores. “The bank received a total of 83 bids amounting to ₹3,770 crores. Out of these, there were 48 successful bidders totaling ₹2,000 crores,” the BoI said. According to the details, the Tier II capital is raised for augmenting the overall capital of the Bank and for enhancing the long-term resources by RBI guidelines.The funding which is being arranged by the lender through this issue is not meant for financing any particular project and but it should focus on utilising the proceeds of this issue for its regular business activities.

Bank of India Q4 net profit rises 123%

United News of India (UNI) — Sat, 06 May 2023 15:43:16 +0000

Mumbai, May 6: Public sector lender Bank of India on Saturday reported 123 per cent jump in its standalone net profit for the fourth quarter ended 31 March 2023 to Rs 1,350 crore from Rs 606 crore during the corresponding quarter of last year.

Net interest income (NII) for the quarter increased by 37.77 per cent from Rs 3,987 crore to Rs 5,493 crore year-on-year, a press release said here.

The global net interest margin (NIM) improved from 2.56 per cent in March 2022 to 3.15 per cent in March 2023.

NIM (Domestic) also went up from 2.90 per cent in March 2022 to 3.59 per cent in March 2023, the release added.

Stocks To Watch Today: ICICI Lombard, Tata Coffee, Piramal Pharma, Bank of India

Markets Desk — Wed, 19 Apr 2023 01:13:38 +0000

The SGX Nifty signals a muted start for the Sensex, Nifty today. Cues from US markets remained muted as Dow Jones, S&P 500 and Nasdaq ended flat on Tuesday. Markets in India continued to slide further for the second straight session on Tuesday amid no fresh triggers and no big cues from the earnings season so far.

Top stocks to watch today are ICICI Lombard, Tata Coffee, Piramal Pharma, Bank of India, besides others.

ICICI Lombard: Shares of ICICI Lombard will be in focus as the company reported a mixed set of Q4 earnings. The company’s net profit for the quarter came in at Rs 437 crore against a poll of Rs 377 crore by CNBC-TV18.

Tata Coffee: Tata Coffee reported a mixed set of Q4 earnings. The company’s consolidated revenue in Q4 grew 10% YoY at Rs 723 crore against Rs 656 crore during the same period last year. Its EBITDA however fell 5% at Rs 106 crore against Rs 111 crore during the same period last year.

Piramal Pharma: Shares of Piramal Pharma will be in focus after the US FDA concluded its inspection at company’s Sellersville Mfg Facility. The regulator has further issued an Establishment Inspection Report (EIR) for the Sellersville Mfg Facility

Bank of India: The public sector bank announced that its board of directors approved raising of capital up to Rs 6,500 crore for FY24, comprising Rs 4,500 crore via the issue of fresh equity capital in the form of FPO/QIP/Rights issue/preferential issue and/or Basel III compliant additional Tier-1 (AT-1) bonds, and Rs 2,000 crore via Basel III compliant Tier-2 bonds.

Here’s how Bank of India plans to use total capital of Rs. 6,500 crore it will soon raise

News Desk — Tue, 18 Apr 2023 19:25:42 +0000

On Tuesday, the Bank of India (BOI) gave its approval for an increase in total capital for FY24 that may reach up to 6,500 crore rupees.

According to a statement with the stock market, the bank intends to raise a total of Rs 4,500 crore, of which Rs 2,000 crore would be in the form of equity capital.

This is to inform you that the Board of Directors of the Bank at their meeting held on 18th April 2023, among other things considered and approved the raising of capital for the FY 2023-24 aggregating up to Rs.6,500 crores in the following manner: In accordance with Regulation 30 of the SEBI (LODR) Regulations, 2015 read in conjunction with Schedule III, Part A, this is to inform you that the Bank has been granted permission to raise capital for the FY 2023-24. a. via the issuance of new equity capital in the form of a follow-on public offering (FPO), qualified institutional placement (QIP), rights offering (Rights Issue), or preferential offering; and/or via the issuance of Basel III compliant Additional Tier-1 (AT-1) bonds (in domestic and foreign currency) up to a value of Rs.4,500 crores. b. Through the issuance of Basel III-compliant Tier-2 bonds for a maximum sum of 2,000 billion rupees.

BOI has a capital adequacy ratio of 15.6 percent, with a common equity tier-1 capital of 12.77%, including a capital conversation buffer. BOI has nearly 5,000 branches throughout India. Up to the 31st of December, the bank recorded a solid rise in the amount of credit of 16.08 percent annually.

During the third quarter of the last fiscal year, BoI raised a total of Rs 1,500 crore in the capital by issuing extra tier-1 bonds.

BoI slashes home loan rates to 8.30 pc

United News of India (UNI) — Wed, 19 Oct 2022 12:28:00 +0000

Bank of India has slashed home loan interest rates to 8.30 per cent per annum.

”Bank of India’s Star Home Loan now comes with a best-in-class competitive interest rate starting at 8.30% per annum with most affordable EMI beginning at Rs 755 per lakh. Customers can also transfer their existing home loans from other banks or financial institutions to the Bank of India.

“The Home Loan applicant can also avail of an overdraft facility wherein individuals enjoy three benefits namely low-interest rate commitment, easy liquidity and tax benefit,” a statement from the bank said.

This offer can be availed to purchase a plot or build a house, buy an old or a new flat and renovate or repair an existing flat/house, the statement added.

”Bank of India’s Star Home Loan provides a repayment period of up to 30 years. It also offers diverse EMI options for different periods during the loan tenure to accommodate a customer’s repayment capacity.

“No prepayment or part-payment charges are levied and borrowers receive a tax break on repaid interest and installments. The interest is calculated daily to permit a lower interest amount,” the statement added.

Mohit Bhatia has been appointed CEO of Bank of India Mutual Fund

Aryan Jakhar — Thu, 06 Oct 2022 09:54:04 +0000

Mohit Bhatia has been named the new chief executive officer of Bank of India Investment Managers Private Ltd, effective as of October 4.

In the fields of sales and distribution, team building, marketing & branding, and the creation of digital eco-systems, Bhatia has more than 26 years of professional expertise.

His most recent position was head of sales and marketing at Canara Robeco Asset Management Company Ltd. The fund firm achieved Rs 50,000 crores in assets under management (AUM) during his leadership.

Prior positions held by him include those as head of retail advisory services at Franklin Templeton AMC, zonal head of wealth at Axis Bank for North India, head of North India for DSP Merrill Lynch Investment Managers, later head of banking channel for all of India, and head of retail advisory services at Alliance Capital AMC.

Bhatia made the following statement on his appointment: “We will work to increase the reach and accessibility of our current and new MF products and investment solutions through an optimal combination of physical infrastructure and improvements in a seamless digital eco-system for our investors and distributors. With the help of our BOI MF team, I would like our AMC to significantly contribute to the SIP/periodic investing landscape over the course of the next three to five years by expanding our distribution network and pursuing product performance consistency supported by strong investment procedures and a strong risk management framework.

“We will be focused on building a scalable and self-sustaining business model and endeavour to ensure that interests of all stakeholders are adequately addressed through right balance between growth and profitability,” he added.

Bhatia graduated from Management Development Institute with a BE in mechanical engineering and an MBA (Gurgaon).

Bank of India’s wholly-owned subsidiary, Bank of India Investment Managers Private Ltd For the quarter of July through September, Bank of India Mutual Fund had an average AUM of $3,054.36 according to industry estimates.

ONGC, Reliance, Bank of India, Adani Green Energy, and ITC are stocks to keep an eye on

Aryan Jakhar — Wed, 03 Aug 2022 04:31:49 +0000

The Nifty50 dropped 50.25 points to 17,295.20 while the BSE Sensex falls 135.88 points to 58,048.

Here are the top 10 stocks that will be the subject of today’s attention:

ONGC: According to a government notification released on Tuesday, the government has once again altered the recently announced windfall tax imposed on oil, diesel, and jet fuel (ATF). The tax on domestically produced crude oil has increased from ₹17,000 to ₹17,750 ($226.14) per tonne, but the export duty on jet fuel has decreased from ₹4 to 0 cents per litre.

Adani Green Energy: Due to rising expenses, Adani Green Energy Limited (AGEL) on Tuesday reported a decline of more than 2% in consolidated net profit at ₹214 crore for the April-June quarter of FY23. According to a regulatory statement, the company’s combined net profit for the prior fiscal year was ₹219 crore. The company’s overall revenue increased in the first quarter of the current fiscal year to ₹1,701 crore. In the same time frame the previous year, it was at ₹1,079 crore.

Reliance: The government increased the windfall tax on domestic crude oil production to ₹17,750 per tonne and eliminated the export tariffs on jet fuel, which were formerly ₹4 per litre. This is the second amendment to the recently enacted windfall tax, which was imposed on crude oil, diesel fuel, and jet fuel.

Bank of India: Due to greater provisioning for bad loans, Bank of India on Tuesday reported a 22 percent decrease in standalone profit after tax to ₹561 crore for the April-June quarter. In the same quarter of the prior fiscal year, the institution had reported an after-tax profit of ₹720 crore. Due to lower income from other sources, the total income for the period of April through June 2022–23 decreased to ₹11,124.36 crore from ₹11,641.37 crore the previous year.

Shriram Transport Finance: Non-Banking Finance Company (NBFC) Shriram Transport Finance (STFC) said on Tuesday that the Competition Commission of India (CCI) had given its clearance for the company’s merger with Shriram City Union Finance Company. The merger of Shriram Capital Ltd (SCL), Shriram City Union Finance Ltd (SCUF), and Shriram Transport Finance Ltd with Shriram Transport Finance Ltd was announced by the Chennai-based Shriram Group in December of last year.

ITC: A large FMCG company, ITC has given up on the lifestyle retail sector. The choice was made following a strategic evaluation of its clientele. The chairman of ITC made hints about significant changes in the lifestyle retailing industry in June of this year. Sanjiv Puri had stated that ITC has restructured the business during the year in the company’s annual report.

Brigade Enterprises: On the strength of stronger sales, real estate company Brigade Enterprises Ltd. declared a consolidated net profit of ₹87.68 crore on Tuesday. It reported a net loss of ₹40.09 crore rupees in the same time last year. From ₹391.52 crore to ₹920.28 crore in the first quarter of this fiscal year, the total income increased by more than a factor of two.

Kotak Mahindra Bank: A Kotak Mahindra Bank division plans to raise up to Rs. 1,500 crore to invest in venture capital and private equity firms. The Kotak India Alternate Allocation Fund (KIAAF), a “fund of funds,” is being launched, according to Kotak Investment Advisors (KIAL). It aims to raise ₹750 crore with a greenshoe option of a further ₹750 crore.

Danger Dums: At its board meeting conducted today, August 2, 2022, Dangee Dums, a leading cake and ice-cream company with its headquarters in Gujarat, approved a bonus issue. The proposal to divide the company’s shares and raise the authorised share capital of the business has also been approved by the board. The record date for the bonus issue and share split has been set by the firm as September 7.

STL Technologies: To support India’s 5G preparedness, STL launched a full portfolio of optical connectivity technologies. India is anticipated to have 200 million 5G customers by 2025 thanks to recently concluded spectrum auctions. Modern optical products that can hasten, simplify, and reduce the cost of 5G rollout are needed by the sector.

Bank of India reports 90% YoY rise in net profit to Rs 1,027 crore in Q3

Himanshu Mishra — Fri, 04 Feb 2022 13:18:15 +0000

Bank of India (BoI) on Friday announced a net profit of ₹1,027 crore in the last quarter through December, which was about 90% up on a year-on-year (YoY) basis, because of lower provisions.

Its total provisions fall about 81% YoY ending up at ₹335 crore. Its net interest income (NII) or the variation between interest earned and expended, got at ₹3,408 crore, which was 9% less than the same period last year. The bank’s net interest margin (NIM), a crucial pointer of profitability, was down 15 basis points (bps) on a sequential factor.

AK Das, the chief executive of Bank of India, said, “Much higher loan growth holds the key to a positive NII. From a credit-deposit ratio of 65%, we have reached over 70%; we have seen a 5.4% growth in advances compared to 1-2% growth in the previous two quarters too.” He also elaborated that the private lender have made an onset and the improvement in Q3 and Q4 will certainly too much better in NII and NIM in Q4 and the whole year.

The bank observed growth in asset quality as gross non-performing assets (NPAs) as a number of total loans decreased 279 bps YoY and 154 bps consecutively to 10.46% as of 31 December. Loans of about ₹1,845 crore slid into the NPA category in the December quarter, higher than ₹1,307 crore in the last quarter.

Bank of India witnessed a 5.33% YoY increase in domestic advances to ₹3.82 trillion in Q3 FY22 and regional deposits surged up to 1.7% YoY resulting in ₹5.45 trillion in the same quarter. Its shares on BSE shut at ₹56.50 on Friday, down 3.34% from its last closing.

Banking System Failure: Customers face glitches while using digital services!

Shreejit Shelar — Mon, 05 Apr 2021 12:37:00 +0000

India has successfully flourished in the market of digitization leading to the growth of banking service providers and digital wallet platforms. However, customers remain on the receiving end due to the constant outages in the banks’ system. The ever-increasing number of service providers and inadequate IT support have sparked concerns amongst the customers.

The Reserve Bank of India (RBI) has issued several rundowns and warnings for the banks to beef up their IT systems, yet numerous issues prevail, leaving customers vexed.

Thousands of customers of top Indian banks, including the State Bank of India (SBI), HDFC Bank, and ICICI Bank, continued to face the brunt of the poor technology support offered by them, during the year-end and at the beginning of the fiscal year.

A money9 report quoted a private banker speaking about the Indian banks and revealed the issues faced due to the fragile system.

“Not really. The systems are not robust enough to handle high volumes. Peak volumes are affecting the performance, at least in some cases. In some other cases, it is pure bad luck,” a private banker said.

In December 2020, HDFC’s system reportedly suffered a serious service outage due to the shifting of its data center from Reliance DAKC to Sify. Meanwhile, on March 31, within a few months after a previous system failure, the bank yet again saw hardware issues, creating hiccups for customers.

However, the source quoted by money9 said that HDFC Bank ranks among the best in terms of investing in newer and robust technologies.

“It is just bad time for HDFC Bank that it had to face the technical glitches continuously, especially after the RBI appointed an external auditor to carry out a special audit of its IT infrastructure,” he added.

The report also mentioned that an outage appears when the bank is supposed to make a detailed report to the regulator on how they have fixed the glitches.

Following a prolonged outage of digital services in December 2020, after the electricity supply was snapped at the bank’s primary data center, the RBI had asked the bank’s board to identify lapses and fix accountability, reported money9.

The RBI also contained the bank’s actions of issuing new credit cards. In February 2021, the regulator appointed an external technical auditor to evaluate the bank’s systems. “We are constantly engaged with the management of financial institutions where there is a need to improve their IT systems,” the private banker said.

India’s yet another leading bank SBI, came under public scrutiny on April 1 as the bank’s digital banking platforms underwent an upgradation, forcing customers to vent their frustration on social media.

The customers reportedly faced issues processing online transactions hours before its scheduled maintenance outage. April 1 marked the onset of the new financial year, and SBI upgrading its systems irked the customers, when the transactions are generally high.

Interestingly, smaller private banks have provided faster services than the other leading banks that generally face technical glitches.

Telecom Regulatory Authority of India (TRAI) recently released the list of 40 `defaulter’ principal entities, including SBI, HDFC Bank, ICICI Bank, Punjab National Bank, Bank of India, Bank of Baroda, and Axis Bank that are not fulfilling the regulatory norms on bulk commercial messages despite repeated reminders, reported money9.

The norms set by TRAI for commercial messages, based on blockchain technology, aimed to curb unsolicited and fraudulent messages.

As per the norms, bonafide entities sending commercial text messages need to register message headers and templates with telecom operators. The SMS’ and OTPs, when sent by user entities such as banks and payment companies, are checked against the templates registered on the blockchain platform — a process called SMS scrubbing.

“It has been informed that Principal Entities including major banks are not transmitting mandatory parameters like content template IDs, and PE IDs, even in those cases where content templates have been registered, while sending such messages to telecom service providers for delivery,” TRAI said.

Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India shares gets boom of 10% on Potential Privatisation

Chirag Jha — Tue, 16 Feb 2021 06:21:10 +0000

On February 16, shares of Bank of Maharashtra, Bank of India, Indian Overseas Bank and Central Bank of India gained more than 10 percent each in the early trade. The reports of privatisation of these banks lead to this boom in shares.

According to some reports, these four are the state run banks which would be privatised in the FY 21-22.

Two officials told Reuters on condition of anonymity as the matter is not yet public, the government has shortlisted four mid-sized state-run banks for privatisation, under a new push to sell state assets and shore up government revenues. The four banks on the shortlist are Bank of Maharashtra, Bank of India, Indian Overseas Bank and the Central Bank of India. Two of those banks will be selected for sale in the 2021/2022 financial year which begins in April.

Bank of India has a workforce of about 50,000 and Central Bank of India has 33,000 staff, while Indian Overseas Bank employs 26,000 and Bank of Maharashtra has about 13,000 employees, according to estimates from bank unions. Bank of Maharashtra’s smaller workforce could make it easier to privatise and therefore potentially one of the first to be sold, the sources said.

On Tuesday, Bank Of India touched 52-week high of Rs 66 and quoting at Rs 64.10, up Rs 5.25, or 8.92 percent. Also Bank of Maharashtra touched 52-week high of Rs 18.50 and quoting at Rs 18.35, up Rs 2.45, or 15.41 percent.

BOI likely to acquire AXA IM’s and BOI AXA’s 49% stake, holding entire BAIM and BATS

Sarthak Yadav — Thu, 03 Dec 2020 10:37:36 +0000

Bank of India with other parties entered into a Share Purchase Agreement (SPA) with AXA investment Managers Asia Holdings (AXA IM) on 2 December 2020, whereby Bank of India has agreed to purchase AXA IM’s entire 49% equity shares in BOI AXA Investment Managers (BAIM) and also entire 49% equity shares in BOI AXA Trustee Services (BATS).

Currently, BOI AXA Mutual Fund is a joint venture between BOI (51 per cent stake) and AXA IM (49 per cent). After the deal BOI shall hold 100% equity shares in BAIM and BATS.

BOI acquired a 51 per cent stake in the, then Bharti AXA Investment Managers Pvt Ltd on May 7, 2012. The Bank said, “The acquisition is expected to be completed by end of December or such other extended date mutually agreed between BOI and AXA IM.”

BOI AXA Mutual Fund has ₹2,251 crore worth of assets under management. It offers 14 different open-ended schemes and 2 close-ended schemes.

The Bank entered into a share purchase agreement with AXA IM on December 2 to buy the latter’s entire 49% equity shares in BAIM and entire 49& equity shares in BATS.

Bank of India reports double profit in Q2 year on year basis

Shalmali Bhagwat — Fri, 06 Nov 2020 09:43:31 +0000

Bank of India on Friday registered over two-fold jump in September quarter, consolidated net profit at Rs 543 crore.

“Total income shot to Rs 12,477.79 crore in July-September 2020-21 from Rs 12,062.55 crore in the year-ago period,” the state-owned lender said in a regulatory filing.

On a standalone basis, the net profit in the quarter reached Rs 525.78 crore against Rs 266.37 crore a year ago. In value terms, gross NPAs or bad loans dropped to Rs 56,231.76 crore against Rs 61,475.60 crore a year ago.

Bank of India is a public sector bank headquartered in Mumbai. The economy witnessed a major slump due to the COVID-19 crisis but this jump in profit comes despite loan loss provisions rising 47 per cent to ₹2,134 crore in Q2FY21 against ₹1,452 crore in the year-ago period.

Bank of India stock was trading at Rs 41.10 on BSE, up by 3.01 per cent from the previous close.