Bank of India has recorded a sizable increase in its mobile banking users. Bank of India’s mobile banking user base has increased to 8.03 million in March 2023 from 6.11 million in March 2022, as per the bank’s latest announcement.
The Board of Directors of Bank of India approved on May 6 the audited financial results for the quarter and year ended 31st March 2023. The central government has recently appointed Rajneesh Karnatak as the Managing Director of the Bank of India for the term of 3 years, and he has taken over the charge as MD.
Bank of India has recorded a net profit at Rs 1,350 crore, up by 123% y/y. Its NIM (global) has improved y/y to 3.15% and Return on Equity (ROE) improved y/y improved by 688 bps at 13.52%. Its gross NPA ratio at 7.31%, down by 267 bps y/y and Net NPA ratio at 1.66% down by 68 bps y/y. The provision coverage ratio (PCR) of ΒοΙ stood at 89.68% in Mar’23 against 87.76% in March 22.
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