Tag: boi

Tata Motors partners up with Bank of India; new vehicle financing means for customers, BFSI News, ET BFSI

Personal Finance

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Tata Motors on Tuesday said it has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. Under the partnership, BOI will provide loans to Tata Motors’ customers at an interest rate starting from as low as 6.85%, the company said in a statement.

Moreover, the scheme will offer a maximum of 90% financing on the total cost of the vehicle, which includes insurance and registration, it added.

Customers can also opt for EMI starting with Rs 1,502 per lakh on a 7-year repayment period, the company said.

“This partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season,” Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said.

BOI General Manager – Retail Business Rajesh Ingle said Bank of India has reoriented the banking services with retail customer as focal point by designing products that are aligned to customer needs.

“Our vehicle loan products with lowest rate of interest is one such product. Bank’s tie-up with Tata Motors will be win-win for customers in the sense that they can access best in class personal mobility solution with the best finance option from Bank of India,” he added.

The offers through the partnership will be applicable on the New Forever range of conventional cars and SUVs as well as on EVs for personal segment buyers across the country, the statement said.



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Bank of India opens first-ever branch in Ladakh, BFSI News, ET BFSI

Banking & Finance

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Leh, Bank of India on Friday extended its operations to the Union Territory of Ladakh by opening its first-ever branch here with its top official asserting that the bank is fully committed to extending its banking services to the people living in far-flung areas of the country.

This was the 5,086th branch opened by a bank in the country and abroad, and is fully computerised and digitised with a facility of E-Gallery to provide 24×7 banking to the residents of Leh, a spokesperson of the Bank of India (BOI) said.

He said BOI Managing Director and Chief Executive Officer A K Das opened the branch in the presence of Field General Manager A K Jain, Zonal Manager Vasudev, Branch Manager Sangeeta and various local dignitaries and customers.

“The bank is fully committed to extending its banking services to the people living in the far-flung areas of the country. The opening of a branch here is an important step towards this goal,” Das said.

He said it would not only boost economic activities in the region but will also help the local people to use various banking products like housing, vehicle, education and agriculture loans, and also reap the benefits of other government schemes.

Das added that the bank has a unique salary account scheme for defence and paramilitary personnel providing free insurance cover.

“The bank also provides home, vehicle and consumer loans at low rates. Recently, the bank has reduced the interest rate for housing loans to 6.50 per cent and that for vehicle loans to 6.85 per cent,” he said.

Das added that the bank will continue to endeavour to provide the best-quality banking facilities to its customers and connect more and more people to mainstream banking with fully digitised facilities.

Meanwhile, in continuation to the bank’s mission to reach maximum customers across India, it also conducted a ‘customer outreach programme’ at Leh branch, wherein Das distributed loan sanction letters to various beneficiaries, the spokesperson said.

Under the bank’s corporate social responsibility, he said Das is presenting ‘paper cutting machine’ to a non-governmental organisation of Ladakh, People’s Action Group for Inclusion and Right, who is assisting differently-abled persons by empowering them with various skills to earn their livelihood and live a respectable life. PTI TAS AB HRS hrs



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BoI Q1 net profit declines 15% y-o-y to ₹720 crore

Banking & Finance

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Bank of India (BoI) reported a 15 per cent year-on-year (yoy) decline in standalone net profit at ₹720 crore in the first quarter ended June 30, 2021, due to a decline in net interest income and a rise in provisions towards bad, doubtful and standard assets. The public sector bank had reported a standalone net profit of ₹844 crore in the year-ago quarter. The net profit in the reporting quarter, however, soared about three times vis-a-vis the fourth quarter’s ₹250 crore.

Net interest income falls

Net interest income (difference between interest earned and interest expended) declined about 10 per cent yoy to ₹3,144 crore (₹3,481 crore in the year-ago quarter). Total non-interest income (comprising income from commission, exchange & brokerage, profit from the sale of investments, profit from exchange transactions, recovery in written-off accounts, and other non-interest income) rose 39 per cent yoy to ₹2,377 crore (₹1,707 crore).

Within total non-interest income, profit from exchange transactions jumped 126 per cent yoy to ₹754 crore (₹333 crore), recovery in written-off accounts soared 477 per cent yoy to ₹173 crore (₹30 crore).

Also read: Bank of India posts Q4 profit of ₹250 crore

MD & CEO Atanu Kumar Das said total non-interest income includes a one-time inflow of ₹406 crore received on account of redemption of security receipts of an aviation account. Das observed that BoI will see an overall credit growth of 6-7 per cent in FY22, with the retail, agriculture, and MSME (RAM) segment expected to grow by about 14 per cent and corporate advances by about 5-6 per cent. Fresh slippages at ₹3,942 crore during the reporting quarter were lower vis-a-vis ₹7,368 crore in the fourth quarter (Q4) FY21 but substantially higher than year-ago quarter’s ₹402 crore. Slippages from the micro, small and medium enterprise (MSME) sectors accounted for 41 per cent of the total quarterly slippages, followed by agriculture (25 per cent), retail (16 per cent), corporate & others (10 per cent), and overseas (8 per cent).

PR Rajagopal, Executive Director, said the second Covid wave had a significant impact on retail and MSME borrowers. But collection efficiency in the retail segment is now at about 92 per cent. The Bank, which restructured loans aggregating ₹5,963 crore under RBI’s resolution framework 1.0 for Covid-related stress and ₹5,299 crore under the resolution framework 2.0, expects to recast about ₹5,000 crore more loans in the rest of FY22, he added.

Provisions towards bad and doubtful, and standard assets together were up 16 per cent yoy at ₹1,771 crore (₹1,526 crore).

Gross non-performing assets (GNPAs) level improved to 13.51 per cent of gross advances as at June-end 2021 against 13.91 per cent as at June-end 2020.

Net NPA level too improved to 3.35 per cent of net advances against 3.58 per cent.

Global deposits were up about 5 per cent yoy to ₹6,23,385 crore, with current account, savings account (CASA) deposits rising to 43.22 per cent of domestic deposits against 40.60 per cent in the year-ago period.

Global advances declined a shade (about 0.18 per cent yoy) to ₹4,14,697 crore, with domestic advances nudging up 1.65 per cent yoy and overseas advances declining 12 per cent yoy.

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Bank of India net declines 15% YoY in Q1FY22 to ₹720 cr

Banking & Finance

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Bank of India (BoI) reported a 15 per cent year-on-year (YoY) decline in standalone net profit at ₹720 crore in the first quarter ended June 30, 2021, due to a decline in net interest income and a rise in provisions towards bad & doubtful and standard assets.

The public sector bank had reported a standalone net profit of ₹844 crore in the year-ago quarter. However, the net profit in the reporting quarter soared about three times vis-a-vis the fourth quarter’s ₹250 crore.

Net interest income (difference between interest earned and interest expended) declined about 10 per cent YoY to ₹3,144 crore (₹3,481 crore in the year-ago quarter).

Total non-interest income (comprising income from commission, exchange & brokerage, profit from the sale of investments, profit from exchange transactions, recovery in written-off accounts, and other non-interest income) rose 39 per cent YoY to ₹2,377 crore (₹1,707 crore).

Within total non-interest income, profit from exchange transactions jumped 126 per cent YoY to ₹754 crore (₹333 crore) and recovery in written-off accounts soared 477 per cent YoY to ₹173 crore (₹30 crore).

Fresh slippages at ₹3,942 crore during the reporting quarter were lower vis-a-vis ₹7,368 crore in the fourth quarter (Q4) FY21 but substantially higher than year ago quarter’s ₹402 crore.

Provisions towards bad, doubtful, and standard assets together were up 16 per cent YoY at ₹1,771 crore (₹1,526 crore).

Gross non-performing assets (GNPAs) level improved to 13.51 per cent of gross advances as of June-end 2021 against 13.91 per cent as of June-end 2020.

Net NPA level too improved to 3.35 per cent of net advances against 3.58 per cent.

Global deposits were up about 5 per cent YoY to ₹6,23,385 crore. Global advances declined a shade (about 0.18 per cent YoY) to ₹4,14,697 crore.

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Bank of India EGM next week to seek shareholders’ nod for preference shares to govt, BFSI News, ET BFSI

Banking & Finance

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New Delhi, Apr 30 () State-owned Bank of India (BOI) has convened extraordinary general meeting (EGM) of shareholders next week to seek approval for issuance of equity shares to government for capital infusion of Rs 3,000 crore. EGM of the shareholders of Bank of India will be held on Wednesday, May 5, 2021 through video conferencing and other audio visual means, the bank said in a regulatory filing.

The board will seek consent of shareholders of the bank to issue and allot up to 42,11,70,854 equity shares for cash at Rs 71.23 per equity share including premium of Rs 61.23 aggregating up to Rs 3,000 crore on preferential basis to government, the bank said in a regulatory filing.

The government in March had sanctioned to infuse the capital in BOI as part of equity during the financial year 2020-21.

Bank of India said it has been growing very diligently and cautiously for the last many years and there is a constant requirement to augment capital.

In order to meet this growing requirement, bank needs long term capital, it added.

The lender said it will utilise the funds to shore up the capital adequacy of the bank and to fund the general business needs of the bank.

After the preferential issue of shares, government’s shareholding in bank will go up to 90.34 per cent from 89.10 per cent now.

Stock of the bank closed at Rs 66.35 apiece on the BSE, down 1.63 per cent from the previous close. KPM MKJ



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