Q3 2024 Bank of India Ltd Earnings Call Transcript
Key Points
- Global business increased by 9.6% year-over-year, reaching INR12,72,000 crore in December 2023.
- Global advances grew by 11.29% year-over-year, with an incremental growth of INR57,000 crore.
- Domestic CASA increased by 5.92% year-over-year, with a CASA ratio of 43.88%.
- Net profit for Q3 FY24 improved both sequentially and year-over-year, increasing from INR1458 crore in Q2 FY24 to INR1870 crore in Q3 FY24.
- Improvement in asset quality with the reduction in gross NPA ratio to 5.35% and net NPA ratio to 1.41% in December 2023.
- Net interest income decreased by 2% year-over-year for Q3 FY24.
- Non-interest income fell by 17% in Q3 FY24 compared to Q3 FY23.
- Operating profit for Q3 FY24 decreased by 18% due to increased provisions for wage revision and depreciation on investments.
- There was a compression in margins due to an increase in the cost of deposits.
- Fresh slippages and aging provisions have impacted the overall financial performance.
Hello, ladies and gentlemen, good evening, and welcome to Bank of India Q3 FY24 conference call. I would like to thank you all for taking out time and joining us today. We have with us Shree Rajneesh Karnatak, MD, CEO; Shree M. Karthikeyan, Executive Director; B. Kumar, the CFO of the bank and other top management from the Bank of India. (Operator instructions)
Requesting Mr Rajneesh Karnatak to address the gathering.
Yeah. Thank you, Yamuna. You are -- am I audible there?
Yes sir.
Yeah. So good afternoon to all the dignitaries, ladies and gentlemen present in today's analyst meeting. It is my pleasure to welcome you all for the interaction post publication of the financial results of the bank for q3 FY24. Despite prevalence of geopolitical overhang affecting global growth, Indian economy exhibited
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