Bank of India gains 2%; announces revised lending rates

The overnight MCLR remained unchanged at 7.95%, but one month to three-year period MCLR has been increased by 5 bps.

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Bank of India stock gained over 2 percent in early trade on October 31 as the PSU Bank reported a revision in its lending rates. By 9:40 am, the stock was trading at Rs 98.30, around 2.82 percent higher. According to an October 30 regulatory filing, the public sector lender has revised its marginal cost of fund based lending rate (MCLR) with effect from November 1, in terms of pricing policy approved by Board. The overnight MCLR remained unchanged at 7.95 percent, but one month to three-year period MCLR has been increased by 5 basis points.

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Bank of India is yet to announce its Q2FY24 earnings. In Q1FY24, the lender reported a 176 percent year-on-year increase in net profit for the quarter ending June 2023 to Rs 1,551 crore. Net interest income (NII) also grew 45 percent yoy to Rs 5,915 crore. For the same period, net interest margin (NIM) was 3.03 percent compared to 2.55 percent in the previous fiscal.

Also read: Top banks increase loan write-offs in September quarter

During the Q1FY24 quarter, the bank reported a CASA ratio of 44.52 percent, a 7.56 percent YoY increase from the previous fiscal.  The GNPA ratio has also increased by 263 basis points YoY to 6.67 percent and the Net NPA ratio fell by 56 basis points YoY to 1.65 percent.

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