Tag Bank of India

Mumbai, July 19, 2024 – Farmers are the backbone of our economy, and their relentless efforts ensure food security for the nation. In view of the same Bank of India is proud to announce the celebration of Kisan Divas, a day dedicated to honouring the invaluable contributions of our nation’s farmers. As a tribute to the hardworking and resilient farmers of India, Bank of India has launched several schemes and initiatives aimed at supporting and empowering the agricultural community.

Through Kisan Mah Utsav, Bank of India is raising awareness about its various financial assistance schemes which are contributing to the development of the country and its farming community.

One of the standout offerings under Campaign Kisan Samridhi is the Star Farm Mechanization Scheme and the Star Krishi Vahaan scheme, which provide financial assistance for the purchase of agricultural implements and vehicles for transporting farm produce. These schemes come with attractive concessional rates of interest starting at 8.90% and a 100% waiver of proposal processing charges.

Major financial assistance schemes of Bank of India are under:

• Kisan Credit Card Scheme: Providing easy access to credit for meeting all types of agricultural needs with availability of interest subvention
• E-Warehouse- Financial assistance to farmers against the electronic warehouse receipt who have stored their produce in accredited warehouses
• Star Doodhganga Scheme: Special schemes for dairy animal rearing activities
• Star Polutry Development Scheme: Special scheme for Poultry rearing activities
• Star Pisciculture Scheme: Financial assistance for all kinds of marine, brackish and inland fishery activities
• Star Food and Agro Processing scheme: Financial Support for food & agro processing units
• Star Self-Help Groups: Empowering women through self-help groups by financial assistance for taking up economic activity
• Star Sakhi Scheme- Financing to individual SHG members in line with Govt. of India Lakhpati Didi Scheme with availability of interest subvention
• Atmanirbhar Yojana: Initiatives for self-reliant under Govt. of India flagship programme
• Warehouse and Cold Storage: Infrastructure support for storage and preservation

One of the above popular scheme is the Kisan Credit Card Scheme which is designed to provide farmers with timely and need-based credit support for their agricultural and allied activities, as well as non-farm activities. The card offers low interest rates, transparent terms with no hidden charges, and minimal documentation requirements, ensuring that farmers can easily access the financial resources they need. By streamlining the credit process and making funds more accessible, Bank of India aims to alleviate the financial burdens faced by farmers, enabling them to invest in better farming practices, purchase essential equipment, and ultimately, improve their productivity and income.

On the occasion of Kisan Divas, Bank of India reaffirms its commitment to supporting farmers through various initiatives. Empowering farmers with financial resources, knowledge, infrastructure and technology is essential for sustainable agricultural growth.

By facilitating these resources, Bank of India aims to boost productivity and improve livelihoods by continuing to provide essential financial tools and resources. The goal is to foster a more resilient and prosperous agricultural sector, ensuring that our farmers can thrive and continue to be the cornerstone of our nation’s growth.

KEY HIGHLIGHTS (Q2FY24)

• Net Profit increased by 62% YoY to Rs.1,870 Cr.
• Operating Profit stood at Rs.3,004 Cr for Q3FY24 against Rs.3,652 Cr in Q3FY23 and Rs.3,756 Cr in Q2FY24.
• Net Interest Income (NII) stood at Rs.5,463 Cr for Q3FY24 against Rs.5,595 Cr for Q3FY23 and Rs.5,740 Cr in Q2FY24.
• Yield on Advances (Dom.) improved by 53 bps YoY.    Gross NPA ratio down by 231 bps YoY.
• Net NPA ratio down by 20 bps YoY.
• Provision Coverage Ratio (PCR) at 89.95%.
• CRAR stood at 16.06%, with CET-1 ratio at 13.16%.
• Global Business increased by 9.60% YoY.
• Global Deposits increased by 8.28% YoY.
• Global Advances increased by 11.29% YoY.
• RAM Advances grew by 13.61% YoY and it constitutes 55.24% of Advances
• Agriculture Credit grew by 14.23% YoY. MSME Credit grew by 10.61% YoY.

• CASA deposits increased by 5.92% YoY and CASA ratio at 43.88%.

Profitability:

Q3-FY24: 

• Net Profit for the quarter improved by 62% YoY and stood at Rs.1,870 Cr for Q3FY24 against Rs.1,151 Cr in Q3FY23. On a sequential basis, Net Profit improved by 28% from Rs.1,458 Cr in Q2FY24.
• Operating Profit stood at Rs.3,004 Cr for Q3FY24 against Rs.3,652 Cr in Q3FY23 and Rs.3,756 Cr in Q2FY24.
• Net Interest Income (NII) stood at Rs.5,463 Cr for Q3FY24 against Rs.5,595 Cr for Q3FY23 and Rs.5,740 Cr in Q2FY24.
• Non-Interest Income stood at to Rs.1,193 Cr for Q3FY24 against Rs.1,432 Cr in Q3FY23 and Rs.1,688 Cr in Q2FY24.

9Months ended FY24:

• Net Profit increased by 83% YoY and stood at Rs.4,879 Cr for 9 month ended FY’24 against Rs.2,672 Cr in the corresponding period of last year.
• Operating Profit improved by 14% YoY and stood at Rs.10,511 Cr for 9-month ended FY’24 against Rs.9,209 Cr in the corresponding period of last year.
• Net Interest Income (NII) increased by 16% YoY and stood at Rs.17,117 Cr for 9-month ended FY’24 against Rs.14,751 Cr in the corresponding period of last year.
• Non-Interest Income increased by 9% YoY and stood at Rs.4,344 Cr for 9- month ended FY’24 against Rs.4,001 Cr in the corresponding period of last year.

Ratios (Q3-FY24):

• NIM (Global) stood at 2.85% in Q3FY24 against 3.28% in Q3FY23 and 3.08% in Q2FY24.
• NIM (Domestic) stood at 3.21% in Q3FY24 against 3.72% in Q3FY23 and 3.47% in Q2FY24.
• Return on Assets (Global) improved by 27 bps YoY to 0.82% in Q3FY24 against 0.55% in Q3FY23. On a sequential basis it improved by 15 bps from 0.67% in Q2FY24.
• Cost to Income ratio (Global) stood at 54.87% in Q3FY24 against 48.03% in Q3FY23 and 49.44% in Q2FY24.
• Yield on Advances (Global) improved by 70 bps YoY to 8.37% in Q3FY24 against 7.67% in Q3FY23 and 8.54% in Q2FY24.
• Cost of Deposits (Global) stood at 4.62% in Q3FY24 against 3.72% in Q3FY23 and 4.49% in Q2FY24.

Ratios (9Months ended-FY24):

• NIM (Global) improved by 2 bps YoY to 2.98% in 9M-FY24 against 2.96% in 9M-FY23.
• NIM (Domestic) stood at 3.35% in 9M-FY24 against 3.37% in 9M-FY23.
• Return on Assets (RoA) improved by 28 bps YoY to 0.72% in 9M-FY24 against 0.44% in 9M-FY23.
• Return on Equity (RoE) improved by 434 bps YoY to 13.75% in 9M-FY24 against 9.41% in 9M-FY23.
• Cost to Income ratio (Global) stood at 51.02% in 9M-FY24 against 50.89% in 9M-FY23.
• Credit Cost improved by 37 bps to 0.54% 9-Months ended 31 st Dec. 2023
• Yield on Advances (Global) improved by 117 bps to 8.34% in 9M-FY24 against 7.17% in 9M-FY23.
• Cost of Deposits (Global) stood at 4.44% in 9M-FY24 against 3.58% in 9MFY23.

Business:

• Global Business increased by 9.60% YoY from Rs.11,61,441 Cr in Dec’22 to Rs.12,72,887 Cr in Dec’23. (YTD Growth: 7.38%)
• Global Deposits increased by 8.28% YoY from Rs. 6,53,691 Cr in Dec’22 to Rs. 7,07,827 Cr in Dec’23. (YTD Growth: 5.71%)
• Global Advances increased by 11.29% YoY from Rs. 5,07,750 Cr in Dec’22 to Rs. 5,65,060 Cr in Dec’23. (YTD Growth: 9.54%)
• Overseas Deposits increased by 12.07% YOY to Rs. 1,08,690 Cr and Overseas Advances increased by 10.99% YOY to Rs. 90,047 Cr in Dec’23.
• Domestic Deposits increased by 7.62% YoY from Rs.5,56,707 Cr in Dec’22 to Rs.5,99,137 Cr in Dec’23. (YTD Growth: 5.66%)
• Domestic CASA went up by 5.92% YoY from Rs.2,46,718 Cr in Dec’22 to Rs.2,61,335 Cr in Dec’23 and CASA ratio stood at 43.88%. (YTD Growth of CASA Deposits: 3.64%)
• Domestic Advances increased by 11.34% YoY from Rs. 4,26,622 Cr in Dec’22 to Rs. 4,75,012 Cr in Dec’23. (YTD Growth: 10.05%)
• RAM Advances increased by 13.61% YoY to Rs.2,62,390 Cr, constituting to 55.24% of Advances in Dec’23. (YTD Growth: 10.30%)
• Retail Credit grew by 15.40% YoY to Rs.1,05,445 Cr in Dec’23. (YTD Growth: 11.33%)
• Agriculture Credit grew by 14.23% YoY to Rs.80,345 Cr in Dec’23. (YTD Growth: 10.99%)
• MSME Credit grew by 10.61% YoY to Rs.76,600 Cr in Dec’23. (YTD Growth: – 8.23%).

Asset Quality:

• Gross NPA declined by 22.24% YoY from Rs.38,885 Cr in Dec’22 to Rs.30,237 Cr in Dec’23.
• Net NPA declined by 0.25% YoY from Rs.7,646 Cr in Dec’22 to Rs.7,627 Cr in Dec’23.
• GNPA ratio improved by 231 bps from 7.66% in Dec’22 to 5.35% in Dec’23.
• Net NPA ratio improved by 20 bps from 1.61% in Dec’22 to 1.41% in Dec’23.
• Provision Coverage Ratio (PCR) stood at 89.95% in Dec’23 against 90.27% in Dec’22.

Capital Adequacy:

• As on 31.12.2023, Bank’s total Capital Adequacy Ratio (CRAR) was at 16.06% against 15.60% in Dec’22.
• CET-1 ratio stood at 13.16% as on Dec’23.

Priority Sector:

• Priority Sector Advances increased by 10.51% YOY and achieved 43.62% of ANBC as on Dec’23. Agricultural advances achieved 19.72% of ANBC.
• Advances to Small & Marginal Farmers achieved 12.68% of ANBC in Dec’23 against regulatory norm of 10%.
• Advances to Weaker Sections achieved 15.82% of ANBC in Dec’23 against regulatory norm of 12%

Financial Inclusion:

Digital Banking:

• Internet Banking users: Increased to 8.8 million in Dec’23 from 8.4 million in
• Dec’22.
• Mobile Banking users: Increased to 10.1 million in Dec’23 from 7.1 million in
• Dec’22.
• Number of UPI users increased to 18.0 million in Dec’23 from 14.8 million in
• Dec’22.

Branch Network:

• As on 31st Dec’23, the Bank has 5139 number of Domestic branches.
• Rural: 1861 (36%), Semi-Urban: 1457 (28%), Urban: 831 (16%), Metro: 990 (19%).