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Bank of India’s global business grows 21.07 per cent

Bank of India’s provisional September-end figures put annual growth in global business at 21.07 per cent. Domestic deposits grew faster than domestic gross lending, while retail, agriculture and smaller-business loans also expanded. The bank published comparisons with June’s end across six operating measures. All the amounts remain subject to statutory auditor review.

Economics & Markets··Morning
Stone steps lead into an open bank branch with an Indian flag, wooden teller counter and empty waiting chairs.

Global deposits and lending rise from a year earlier

Bank of India released provisional operating figures for the quarter ended 30 September, showing global business of 18,91,663 crore rupees. That was 21.07 per cent higher than a year earlier. Global deposits reached 10,37,618 crore rupees, up 21.60 per cent, and global gross advances reached 8,54,045 crore rupees, an increase of 20.43 per cent. The figures remain subject to review by the bank’s statutory central auditors.[1], [2]

The public-sector bank is headquartered in Mumbai, India, and was established in 1906. It serves retail customers, agriculture, smaller enterprises and companies through domestic and international operations. The September disclosure concerns the second quarter of its financial year. All the stated business amounts are provisional, so final operating and financial figures may change following the auditor review.[1]

Domestic deposits grow faster than gross advances

Domestic deposits increased 23.30 per cent year on year to 9,00,218 crore rupees. Domestic gross advances grew 17.70 per cent to 7,03,085 crore rupees. The lending group known as RAM, covering retail, agriculture and micro, small and medium enterprises, expanded 18.57 per cent to 4,12,271 crore rupees. These annual comparisons place domestic deposit growth above the growth rate in gross domestic lending.[1]

June comparisons show higher balances in all six measures

Compared with 30 June, global business increased from 17,55,699 crore rupees to 18,91,663 crore rupees. Global deposits rose from 9,57,924 crore rupees to 10,37,618 crore rupees, while global gross advances increased from 7,97,775 crore rupees to 8,54,045 crore rupees. These comparisons use the end of the preceding quarter as their baseline, alongside the annual growth rates supplied in the disclosure.[1]

Domestic deposits increased from 8,24,963 crore rupees in June to 9,00,218 crore rupees in September. Gross domestic advances rose from 6,73,833 crore rupees to 7,03,085 crore rupees. Domestic RAM lending increased from 3,92,833 crore rupees to 4,12,271 crore rupees. All six reported operating measures therefore had higher September-end balances than at June’s end.[1]

References

  1. News sourceIndian MastermindsBank of India global business grows 21.07%↩1↩2↩3↩4↩5
  2. News sourceBusiness UpturnBank of India September-quarter global business grows 21.07 per cent↩
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