Page 6 - Bank Of India

Bank of India Q3 net up 90% to Rs 1,027 cr on sharp fall in provisions

The bank's NII declined by 18.7% to Rs 3,407 crore in reporting quarter

Bank of India holds loan outreach programme, disburses Rs 12,500-cr credits

The credit outreach programme was launched on October 16 by all banks across the country on the advice of Finance Minister Nirmala Sitharaman

Tata Motors ties up with Bank of India for vehicle financing

Tata Motors on Tuesday said it has partnered with Bank of India (BOI) to offer finance options to all its passenger vehicle customers. Under the partnership, BOI will provide loans to Tata Motors' customers at an interest rate starting from as low as 6.85 per cent, the company said in a statement. Moreover, the scheme will offer a maximum of 90 per cent financing on the total cost of the vehicle, which includes insurance and registration, it added. Customers can also opt for EMI starting with Rs 1,502 per lakh on a 7-year repayment period, the company said. "This partnership is in line with our #FinancEasy Festival, wherein we are collaborating with multiple finance partners across India to make ownership of cars accessible, as well as a hassle-free process for the customers and thereby adding to the celebrations of this festive season," Tata Motors Vice President, Sales, Marketing & Customer Care, Passenger Vehicle Business Unit Rajan Amba said. BOI General Manager - Retail ...

Bank of India Q2 net doubles to Rs 1,051 cr on spike in non-interest income

However, NII fell by 14.32% in the reporting quarter to Rs 3,523 crore

Bank of India Sep qtr profit soars nearly 100% to Rs 1,051 crore

The bank had posted net profit of Rs 526 crore in the same period a year ago

BOI to adopt 10 girl children under 'Star Angel' initiative in Ladakh

The newly opened Leh branch of state-run Bank of India (BOI) is going to adopt 10 girl children under the star angel initiative in Ladakh, its top official said on Sunday.

NTPC's renewable arm signs first green term loan of Rs 500 cr with BoI

The deal is at a competitive rate with a tenure of 15 years, for its 470 Mw solar projects in Rajasthan and 200 Mw in Gujarat

Bank of India raises Rs 1,800 cr via Basel-III-compliant bonds

State-owned Bank of India on Thursday said it has raised Rs 1,800 crore by issuing Basel-III-compliant bonds. The bank raised Rs 1,800-crore Basel-III-compliant tier-II bonds on September 29 on a private placement basis, it said in a statement. The 10-year tenure bonds with a 5-year call option had a base issue size of Rs 1,000 crore and carries a coupon rate of 7.14 per cent. The issue was oversubscribed by two times, said the lender. "Bank has also successfully concluded the QIP issue of Rs 2,550 crore during August 2021, and with this issuance of QIP (qualified institutional placement), the Government of India stake in the bank has reduced to 81.41 per cent from 90.34 per cent earlier," it said. Earlier, Bank of India had raised Rs 1,352 crore of Basel-III compliant additional tier-I bonds on a private placement basis. Adequate capital buffer will facilitate better management of asset erosion, if any, and growth in the loan book through better risk appetite in a real sector ..

NTPC REL signs first green term loan pact of Rs 500 cr with Bank of India

State-run power giant NTPC on Thursday said its arm NTPC Renewable Energy Ltd (NTPC REL) has signed the first green term loan agreement of Rs 500 crore with Bank of India

Bank of India to raise up to Rs 1,800 cr in capital via tier-II bonds

Crisil upgrades rating for Tier-I bonds to "AA" reflecting the lender's improved capital ratios and greater ability to make future coupon payments

Bank of India ties-up with MAS Financial Services for co-lending

State-owned Bank of India (BOI) on Tuesday said it has entered into a co-lending arrangement with MAS Financial Services for MSME loans. The tie-up comes on the occasion of the bank's 116th Foundation Day. Co-lending was introduced by the RBI to increase the credit flow to the unserved and underserved sector by utilising the nimble-footed NBFC coverage to the informal sector. BOI will leverage the reach of NBFC to build an MSME portfolio, Atanu Kumar Das, Managing Director & CEO, Bank of India said in a release. Celebrating Foundation Day across all its 10 national banking group (NBG) offices, 59 zonal offices, 5,084 domestic and 23 overseas branches, and 5,323 ATMs, Das expressed gratitude to all the stakeholders. The bank marked the special occasion by celebrating 'Azadi Ka Amrit Mahotsav' and pledged to continue serving the nation and its citizens. On the occasion, the bank unveiled various new schemes for farmers and undertook several initiatives, such as tree plantation, ...

LIC picks up 4% stake in Bank of India via open market transaction

LIC has picked up nearly 3.9 per cent (15,90,07,791 shares) of the bank through open market acquisition

Bank of India looks to cut govt stake with follow-on equity offer in FY23

It is keen on bringing the holding down to 75%, which Sebi has been advising, the bank's MD and CEO Atanu Kumar Das said

Bank of India announces closure of QIP issue; raises Rs 2,550 cr

Bank of India on Tuesday announced the closure of its QIP issue and said that it has raised Rs 2,550 crore by issuing more than 40.5 crore shares to the qualified institutional buyers. The capital issue committee at its meeting held on August 31, 2021 has approved the issue and allotment of 40,54,71,866 equity shares to eligible qualified institutional buyers (QIBs) at an issue price of Rs 62.89 per share, aggregating to Rs 2,550.01 crore, Bank of India said in a regulatory filing on Tuesday. The issue had opened on August 25, and closed on August 30, 2021, and the bank had targeted to raise up to Rs 3,000 crore equity capital through this issue. LIC, ICICI Prudential Life Insurance Company and Bajaj Allianz Life Insurance Company are the three investors who subscribed to more than 5 per cent of the equity offered in the qualified institutional placement (QIP) issue. Life Insurance Corporation (LIC) has been allotted 15,90,07,791 shares (39.22 per cent), while ICICI Pru Life and Ba

Govt extends tenure of Canara, Bank of India EDs by 2 years

The government has extended the tenure of two executive directors of Canara Bank and Bank of India for two years, the state-run lenders said on Monday. Canara Bank in a regulatory filing said that the central government has extended the term of office of A Manimekhalai, Executive Director, for a period of two years beyond her currently notified terms that expires on 10 February 2022, or until further orders, whichever is earlier. Bank of India in a separate filing said that the term of office of P R Rajagopal, Executive Director, has been extended for a period of two years, beyond his currently notified term or until further orders, whichever is earlier. His current term was to expire on February 28, 2022, the bank said. The banks said the government informed them about the extension given to these executive directors through notifications on August 26, 2021. The government last week extended the term of executive directors of various public sector banks. It also extended the terms

Govt extends tenure of Bank of India executive director Rajagopal by 2 yrs

State-run Bank of India on Monday said the government has extended the term of its executive director P R Rajagopal by two years. The central government vide notification No. dated 26 August 2021 extended the term of office of P R Rajagopal, Executive Director of the Bank for a period of two years, beyond his currently notified term or until further orders, whichever is earlier, the bank said in a regulatory filing. His current term was to expire on February 28, 2022. The government last week extended the term of executive directors of various public sector banks. It also extended the terms of MD & CEOs of Punjab National Bank and Bank of Maharashtra.

F&O expiry: Sensex ends choppy trade on flat note, gains 6% in Aug series

Sectorally, the metals pack bled the most, down 1.3 per cent, followed by the PSB Index (down 0.8 per cent)

Bank of India plans to raise Rs 3,000 cr equity capital via QIP

The bank will also utilise the proceeds of the QIP for developing app based retail loan applications and offer electronic bill discounting facility, they added.

Bank of India Q1 net down 14.7% to Rs 720 cr on higher bad-loan provisions

Net interest income declines to Rs 3,145 crore from Rs 3,481 crore a year ago; net interest margin fell to 2.16 per cent in Q1FY22 from 2.48 per cent

Bank of India Q1 net profit falls 15% to Rs 720 cr

Bank of India on Tuesday reported a 14.7 per cent decline in net profit at Rs 720 crore for the June quarter. The bank had posted a net profit of Rs 843.60 crore in the year-ago period. However, the net profit was up sequentially from Rs 250.19 crore recorded in the three months ended March 2021. In the first quarter of the current fiscal, the lender's total income was down at Rs 11,698.13 crore. In the year-ago period, it stood at 11,941.52 crore, according to a regulatory filing. The bank's gross Non-Performing Assets (NPAs) fell marginally to 13.51 per cent of the gross advances at the end of June this year from 13.91 per cent in the same period a year ago. Net NPAs or bad loans were down at 3.35 per cent in the latest June quarter compared to 3.58 per cent in the year-ago period. Provisions for bad loans and contingencies for the quarter under review were raised to Rs 1,709.12 crore. The same was at Rs 1,512.07 crore in the same period a year ago. On a consolidated basis, the