BoI Surge Nearly 3% After Stellar Q3 Business

11 Jan 2024 , 11:00 AM

Early trading on January 11 saw a nearly 3% increase in the price of Bank of India shares as the company reported improved results for the December quarter in terms of advances and deposits.

The stock was up Rs 2.65, or 2.24%, at Rs 120.85 on the BSE at 10:58 a.m.

The state-owned bank’s overall worldwide revenue climbed by 9.9% to Rs 12,76,389 crore. The bank reported in a business update that its total worldwide deposits increased by 8.66 percent to Rs 7,10,307 crore, and its domestic deposits increased by 7.62 percent to Rs 5,99,137 crore.

The bank’s gross global advances increased by 11.5 percent to Rs 5,66,081 crore, while its domestic advances increased by 11.60 percent to Rs 4,76,125 crore from the same time last year.

Sequentially, domestic loan growth—which accounted for the majority of the robust gross loan growth—grew at a rate of 5%. Over the review period, the international book decreased by 0.6%.

Robust developments in asset quality are anticipated to maintain and reduce the perceived underwriting disparity compared to peers. It further stated that because to steady loan growth and margins and decreased credit costs, valuations are anticipated to gradually increase as the return-ratio profile improves.

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