Bank of India (BANKINDIA) Q4 23/24 earnings summary

Executive summary

• FY24 net profit rose 57.05% YoY to ₹6,318 crore; Q4 FY24 net profit was ₹1,439 crore. Asset quality and capital adequacy improved.

• Global business grew 11.65% to ₹13,23,515 crore; global advances rose 13.52% to ₹5,85,595 crore and deposits increased 10.21% to ₹7,37,920 crore.

Financial highlights

• Standalone interest earned was ₹60,709 crore vs ₹47,648 crore; total income reached ₹66,804 crore vs ₹54,748 crore in FY23.

• Net interest income increased 13.70% to ₹23,053 crore; non-interest income declined 14.16% to ₹6,095 crore.

• Operating profit rose 5.05% to ₹14,069 crore; operating expenses increased 7.85% to ₹15,079 crore, while provisions and contingencies fell 17.28% to ₹7,751 crore.

• Basic and diluted EPS improved to ₹14.90 from ₹9.80; the Board recommended a ₹2.80/share dividend, equal to 28% of ₹10 face value, subject to shareholder approval.

Outlook and guidance

• FY25 priorities: expand retail, agriculture and MSME lending, source low-cost CASA deposits, improve asset quality, contain NPAs, use technology for cross-selling and cost reduction, and strengthen risk management.

• Management targets sub-3.5% gross NPA for FY25 and expects growth across segments through digital technology and improved customer experience.

• Digital lending plans include 20 new products and ₹30,000 crore of new business in FY25, with 60% adoption through digital journeys.