BOI | Business Upturn

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 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.

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.

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.