BANK OF INDIA = Q2 FY 2011 (SEPT 2010) RESULTS = EXCELLENT IMPROVEMENT = FUTURE PROMISES TO BE BETTER

BANK OF INDIA

Q2 FY 2011 RESULTS

BANK OF INDIA  after a number of quarters, produced excellent results in Q2 FY 2011.

Interest on Advances   at Rs.3659.79 cr – is up by 4.81% from previous Qtr and by 10.9% from corresponding Qtr of last year.

Income on Investments        is Rs. 1307.15 Cr – up by 11% from previous Qtr and by 21.42% from corresponding Qtr.

Total Income is Rs.5740.05      Cr – up by 6.15% from previous Qtr and 11.13% from corresponding Qtr.

Operating Profit is Rs.1379.60 Cr – down by 2.119% from previous Qtr and up by 14.4% from corresponding Qtr.

Net Profit   is Rs.616.78 Cr against Rs.725.13 cr in previous Qtr (down by14.94% - and compared to Rs.323.34 (a huge up by 90.75%) from corresponding Qtr.

Capital Adequacy Ratio is comfortable at 12.27.

Basic EPS is Rs.11.74 against Rs.13.81 in previous Qtr and Rs.6.16 in corresponding Qtr.        90.58

% of Gross/Net NPA is 1.14 against 1.18 in previous Qtr and 1.08 in corresponding Qtr.

Return on Assets is 0.87.

OTHER DETAILS :

Net interest income rose 26 per cent to Rs 1,776 crore from Rs 1,409 crore.

Net interest margin rose to 2.81 per cent in the quarter ended September 30, from 2.57 per cent a year earlier.

Net interest margin is expected to improve further to as much as 2.95 per cent in the year to March 2011. 

The bank’s advances, which grew 22.4 per cent during the quarter to Rs 144,696 crore, are expected to grow at 19-20 per cent and deposits at 20 per cent for the year.

The bank’s provisioning coverage ratio rose to 70 per cent, the level mandated by the Reserve Bank of India, compared with 65.5 in March this year.

The bank said its CASA, or current account savings account, ratio rose to 33.48 per cent from 32.64 per cent in the previous quarter.

RESULTS IN FIGURES:

BANK OF INDIA	30-Sep-10	30-Jun-10	DIF % 1	30-Sep-09	DIF% 2
Interest on Advances	365979	349190	4.81	330021	10.9
Income on Investments	130715	117764	11	107652	21.42
Income on Balances With RBI	18838	14776	27.49	5313	254.56
Others	23	442	-94.8	5913	-99.61
Interest Earned	515555	482172	6.92	448899	14.85
Other Income	58450	58590	-0.24	67597	-13.53
Total Income	574005	540762	6.15	516496	11.13
Interest Expended	337950	308126	9.68	308009	9.72
Employees Cost	60308	57382	5.1	54479	10.7
Other Operating Expenses	37787	34198	10.49	33412	13.09
Operating Expenses	98095	91580	7.11	87891	11.61
Operating Profit	137960	141056	-2.19	120596	14.4
Provisions	52736	38590	36.66	60213	-12.42
Tax Expense	23546	29953	-21.39	28049	-16.05
Net Profit	61678	72513	-14.94	32334	90.75
Face Value (in Rs.)	10	10	0	10	0
Paid-up Equity Share Capital	52591	52591	0	52591	0
Capital Adequacy Ratio	12.27	12.59	-2.54	13.52	-9.25
Basic EPS	11.74	13.81	-14.99	6.16	90.58
Gross/Net NPA	207040	206123	0.44	160471	29.02
% of Gross/Net NPA	1.14	1.18	-3.39	1.08	5.56
Return on Assets	0.87	1.05	-17.14	0.55	58.18
Public holding (%)	35.53	35.53	0	35.53	0

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