BANK OF INDIA ANNOUNCES MARCH 2020 (Q4 & FY 2019-20) FINANCIAL RESULTS
Mumbai, (Global News): Bank of India announced its audited results for the Q4 and FY 2019-20, following approval by its Board of Directors on June 25, 2020.
Highlights of Performance during FY 2019-20:
Global Business of the Bank increased from Rs. 9,03,723 crore as on March 31, 2019 to Rs.9,72,026 crore as on March 31, 2020 with a yoy growth of 7.56 %.The domestic business registered a growth of 12.04%, which rose from Rs. 7,49,920 crore in March 2019 to Rs. 8,40,209 crore in March,2020.
The CASA level increased from Rs. 1,81,765 crore in March, 2019 to Rs. 1,97,751 crore in March, 2020, i.e. with a growth of 8.79%. The CASA ratio stood at 41.50% in March, 2020.
The Gross Advances (Global) went up from Rs. 3,82,860 crore as on March 31,2019 to Rs. 4,16,521 crore as on March 31, 2020, with a YoY growth of 8.79%.
The Domestic Gross Advances increased by 9.0% from Rs. 3,28,137 crore as on March 31, 2019 to Rs.3,57,670 crore as on March 31, 2020.
Priority Sector advances stood at Rs.1,26,203 crore as on March 31, 2020, which constitutes 40.81% of ANBC.
Gross NPAs declined from Rs. 61,730 crore in December 2019 to Rs. 61,550 crore in March 2020.
The Net NPAs level, with higher provisions, significantly brought down from Rs.20,113 crore in December, 2019 to Rs.14,311 crore in March, 2020, i.e. by 28.85%(QoQ).
The Gross NPA ratio reduced both sequentially and on y-o-y basis. From 15.84% in March,2019 and 16.30% in December, 2019, it has come down to 14.78% in March, 2020.
The Net NPA ratio declined over 200 bps from 5.97 % in December, 2019 to 3.88% in March, 2020.
Provision Coverage Ratio takes a quantum jump from 77.15% in December 2019 to 83.75% in March 2020.
Results: Q4 FY 2019-20:
· The Bank’s Operating Profit increased by 15.20% (YoY) from Rs. 2303 crore in Q4 FY 2018-19 to Rs. 2,653 crore in Q4 FY 2019-20.
· Because of higher provisions on bad debts, from Rs.1,503 crore during Q4 FY 2018-19 to Rs.7,316 crore during Q4 FY 2019-20, Net profit stood at (-) Rs.3,571 crore as against Rs. 252 crore during Q4 FY 2018-19.
· The Non-Interest Income of the Bank increased by 14.13% YoY from Rs. 1,479 crore in March 2019 to 1,688 crore in March 2020, supported by rise in treasury income.
· The NIM (Global) of the Bank stood at 2.90% for Q4 FY2019-20 as against 2.93% during Q4 FY2018-19.
· Cost to income ratio significantly reduced from 59.22% in Q4 FY 2018-19 to 51.60% in Q4 FY 2019-20.
Results: Full Year 2019-20:
· The Bank’s Operating Profit rose by 42.34% (YoY) from Rs. 8,092 crore in FY 2018-19 to Rs. 11,519 crore in FY 2019-20.
· The Net Profit, on account of higher NPAs provisions of Rs.14,416 crore, stood at (-) Rs.2,957 crore against (-) Rs.5,547 crore Net Profit during FY 2018-19.
· The NII of the Bank rose by 11.71% (YoY) from Rs. 13,658 crore in FY 2018-19 to Rs.15,257 crore for FY 2019-20.
· Non-Interest income jumped by 44.09%, i.e. from Rs.4659 crore in March 2019 to Rs.6,713 crore in March, 2020, supported by increase in treasury income and recovery in written off accounts.
· The NIM (global) went up from 2.56% in March’19 to 2.93% in March’20. The NIM (domestic) also increased from 3.03% in March’19 to 3.28% in March’20.
· The Yield on Advances (YoA), Global as well as Domestic witnessed improvement. The yield on advances (Global) moved up from 8.23% in FY 2018-19 to 8.62% for FY 2019-20. Similarly, Yield on Advances (Domestic) rose from 9.22% to 9.33% for the same period.
· The domestic cost of deposit brought down from 5.21% in FY 2018-19 to 5.10% during FY 2019-20.
· Cost to income ratio (Global) significantly reduced from 56.93% during FY 2018-19 to 47.57% during FY 2019-20.
· The CRAR (Basel III) stood at 13.10% in March 31, 2020 against 14.19% in March, 2019.
· The CET-1 ratio stood at 9.88% and Tier-I at 9.90% in March 2020 vis a vis 11.01% and 11.07%, respectively in March 2019.
· The Risk Weighted Assets reduced from Rs. 3,05,953 crore in March 2019 to Rs. 2,94,189 crore in March 2020, with a reduction of Rs. 11,764 crore i.e. 3.85% (YoY).
v The Bank is in the process of implementation of the Project ‘Star Mahashakti’ by which the Bank’s Technology platform is being upgraded from Finacle 7 to Finacle 10.
v The Tech-driven Credit Monitoring System for tracking of ‘Early Warning Signals’ is in the final stage of being live by September, 2020.
v “Enterprise wide Fraud Risk Management” framework for real-time fraud monitoring and prevention, which is also in the process is expected to be fully implemented by September, 2020.
v Web-based - Retail Online Module launched to improve productivity and customer service by reducing turnaround time.
v Card less Cash withdrawal using UPI QR (QR Cash) launched by which our Bank Customers can withdraw cash from ATMs readily without the use of cards.
v Mobile and Internet Banking system upgraded with enhanced features for better customer experience
v As an FI initiative, seamless ICT Technology based basic banking services enabled in Rural & unbanked areas.
v Document Management System (DMS) introduced for storage and retrieval of documents
v BOI SEVA – OUR Chat-bot launched on website both in English and Hindi.
AWARDS - 2019-20
v Bank of India has won the second Most Trusted Brand Award in the Banks category awarded by the Reader’s Digest Trusted Brand, 2019.
v In the India Banking Summit & Awards 2019, Bank of India ranked as Best Public Sector Bank 2019 by Synnex Group.
v Best Performing Public Sector Bank in APY Formation Day Campaign (FY2019-20) by PFRDA.
v ETBFSI Excellence Awards 2019- Most Innovative Large Size Bank of the Year for QR Cash.
v SKOCH Order of Merit AWARD 2019 in GOLD Category for BOI Mobile.
v Bank of India has been conferred CSO-100 Award-2019 from IDG Media for Implementation of Best Information Security Practices.
v Bank has won Infosys Finacle Clients Innovation Award 2019.