Top Section
Explore Business Standard
Don’t miss the latest developments in business and finance.
Bank Of India
State-owned Bank of India on Friday said it will raise up to Rs 2,500 crore by issuing bonds. The board of the lender, at a meeting held on Friday, approved raising of Tier-1 capital by issue of Basel-III compliant additional tier-I (AT-I) bonds of up to Rs 2,500 crore, it said in a regulatory filing. The capital will be raised in one or more tranches, the bank added.
State-owned Bank of India on Thursday reported a nearly 10 per cent decline in net income to Rs 960 crore for the September 2022 quarter on higher provisioning, which more than doubled to Rs 1,912 crore. The bank had made a provision of only Rs 894 crore in the year-ago period, which negated other improvements in the key numbers, such as net interest income rising from Rs 9,523 crore to Rs 11,497 crore and lower taxations at Rs 502 crore in the reporting quarter against Rs 733 crore. Another reason for the fall in the bottom-line is the higher interest outgo, which rose from Rs 6,000 crore to Rs 6,414 crore. The bank has registered a sharp uptick in net interest income to Rs 5,083 crore in the reporting quarter from Rs 3,523 crore in the year-ago period. The NII jumped sharply as the bank booked higher margins from loans as it had passed on the repo rate hike to borrowers. Accordingly, it booked a NIM of 3.04 per cent, up 64 bps from 2.42 per cent in the year-ago period and from Rs
State-owned Bank of India has acquired over 5.5 per cent stake in Open Network for Digital Commerce (ONDC) for Rs 10 crore, the lender said on Tuesday. On September 27, 2022, the bank invested in the capacity of promoter shareholder of ONDC, an amount of Rs 10 crore in ONDC, under the private placement route, Bank of India said in a regulatory filing. The bank said its shareholding in the company will be 5.56 per cent of the total shareholding in ONDC as on September 27, 2022. In absolute terms, it has acquired 10,00,000 equity shares for Rs 100 each in the to-be operational digital commerce company, incorporated in December 2021. A number of other banks have acquired stakes in ONDC. ONDC is aimed at promoting open networks for all aspects of the exchange of goods and services over digital or electronic networks in the country. The framework is expected to make e-commerce more inclusive and accessible to consumers and sellers.
State-owned Bank of India (BoI) on Friday reported divergence in its asset classification for FY22, resulting in lowering of net profit for the year to Rs 2,221 crore. The lender had reported a net profit of Rs 3,404.70 crore for 2021-22. According to a regulatory filing, there was divergence of Rs 105 crore in bank's gross non-performing assets (NPAs) with the bank reporting it to be at Rs 45,605.40 crore. However, as per Reserve Bank of India (RBI) assessment, it came at a higher value of Rs 45,710.40 crore. On the flip side, in case of the net NPAs the bad loans fell by Rs 87 crore as the RBI assessed it at a lower Rs 9,764.93 crore as against Rs 9,851.93 crore reported by the bank. The divergence in provisioning came in at Rs 1,819 crore. Bank of India said the adjusted net profit of the bank before considering the impact of tax on divergence in provisioning for FY22 was at Rs 1,585.70 crore. However, the net profit was further boosted to Rs 2,221.33 crore for the year ended
State-owned Bank of India expects advances to grow by 10-12 per cent in the current fiscal year with corporate loans yet to pick-up, top official said in an analysts call. The bank's year-to-date (YTD) loan growth stood at about 5 per cent mainly driven by Retail sector advances, Agricultural and MSME loans (RAM). "Advances growth guidance will be in the range of 10 to 12 per cent for the full year. So far up to June, we had YTD growth of about 5 per cent, but that is mostly on the back of good RAM growth. Corporate is yet to pick up. We believe that from this quarter onwards, there could be some movement in the corporate book," A K Das, Managing Director & Chief Executive Officer (MD&CEO), told analysts in post Q1FY23 earnings conference call. The bank's gross advances (global and domestic) stood at Rs 4,77,746 crore at end-June 2022. In the first quarter ended in June of the current fiscal year, the lender registered a decline of 22 per cent in net profit at Rs 561 crore as .
Reserve Bank of India (RBI) on Friday said it has imposed a penalty of Rs 5.72 crore on Federal Bank for deficiencies in regulatory compliance. A penalty of Rs 70 lakh has also been imposed on Bank of India for non-compliance with certain provisions of Know Your Customer (KYC) norms and instructions on 'compliance function in banks' issued by RBI, it said in a statement. About Federal Bank, RBI said the bank failed to ensure that no incentive (cash or non-cash) was paid to its staff engaged in insurance broking/corporate agency services by the insurance company, according to a separate statement. RBI had carried out Statutory Inspection for Supervisory Evaluation (lSE) of the bank with reference to its financial position as on March 31, 2020. In another statement, RBI said a fine of Rs 7.6 lakh has been imposed on Dhani Loans and Services Limited, Gurugram for non-compliance with KYC norms. RBI said the penalities are based on the deficiencies in regulatory compliance and is not .