Bank of India Shares Rise After Domestic Advances Surge in Q2 Business Update
The shares of Bank of India rose as much as 2.71% in trade after the bank posted its second quarter update, driven by a strong growth in domestic advances and global business. The bank’s total domestic deposits grew 8.5% year-on-year to Rs 7.3 lakh crore in the second quarter of the current financial year from Rs 6.73 lakh crore in the year-ago period, the lender said in its provisional quarterly business updates.
Key Highlights of Bank of India’s Q2 Business Update
- The public sector bank’s gross domestic advances rose 14.62% to Rs 5.97 lakh crore in the September quarter from Rs 5.65 lakh crore in the same period in the last fiscal.
- BOI’s global business grew 11.8% to Rs 15.62 lakh crore, including a 13.94% rise in the global gross advances to Rs 7.09 lakh crore.
- The total global deposits grew 10.08% to Rs 8.53 lakh crore.
- The bank’s domestic retail term deposit rose 14.15% to Rs 3.45 lakh crore from Rs 3.02 lakh crore.
Net Profit and Net Interest Income
Bank of India’s standalone net profit during the quarter ended June rose 32% to Rs 2,252.1 crore, compared to Rs 1,702.7 crore in the year-ago period. However, the net interest income — the difference of interest earned and interest paid — for the quarter fell 3% to Rs 6,068.1 crore, compared to Rs 6,275.8 crore reported in the corresponding quarter of the previous fiscal.
For investors looking to invest in bank stocks, it’s essential to keep an eye on the bank’s financial performance and key metrics such as net interest income and non-performing assets. To learn more about bank stock analysis, visit our website.
Stock Price Movement
Bank of India stock rose as much as 2.71% during the day to Rs 129.45 apiece on the NSE. It was trading 0.78% higher at Rs 127.02 apiece, compared to an 0.46% advance in the benchmark Nifty 50 as of 9:58 a.m. The stock has risen 19.86% in the last 12 months and 24.12% on a year-to-date basis.
For traders looking to trade in the stock market, it’s crucial to stay updated with the latest Nifty news and Sensex updates. Our website provides comprehensive coverage of the Indian stock market, including stock market analysis and investment tips.
Analyst Ratings and Target Price
Five out of the seven analysts tracking the company have a ‘buy’ rating on the stock, one recommends a ‘hold’ and one suggest a ‘sell’, according to Bloomberg data. The 12-month analysts’ consensus target price on the stock is Rs 133.5, implying a upside of 5.3%.
Investors can learn more about analyst ratings and target price by visiting our website. We provide in-depth analysis and insights on the Indian stock market, helping investors make informed decisions.
