Bank of India Announces Financial Results For Quarter/Half Year Ended 30th Sept. 2023

KEY HIGHLIGHTS (Q2FY24)

Net Profit increased by 52% YoY to Rs.1,458 Cr.

Operating Profit increased by 11% YoY to Rs.3,756 Cr.

Net Interest Income increased by 13% YoY to Rs.5,740 Cr.    NIM (Global) improved by 4 bps YoY to 3.08%.

Yield on Advances (Dom.) improved by 133 bps YoY.    Gross NPA ratio down by 267 bps YoY.

Net NPA ratio down by 38 bps YoY.

Provision Coverage Ratio (PCR) improved by 62 bps YoY.    CRAR stood at 15.63%, with CET-1 ratio at 12.60%.

Global Business increased by 9.25%.

Global Deposits increased by 8.68% YoY.    Gross Advances increased by 10% YoY.

RAM Advances grew by 12.32% YoY and it constitutes 55.50% of Advances.    Retail Credit grew by 14.65% YoY.

Agriculture Credit grew by 10.82% YoY.    MSME Credit grew by 10.82% YoY.

CASA deposits increased by 6.08% YoY and CASA ratio at 43.13%.

Profitability:

Q2-FY24:

*   Net Profit increased by 52% YoY and stood at Rs.1,458 Cr in Q2FY24 against Rs.960 Cr in Q2FY23.

*   Operating Profit improved by 11% YoY and stood at Rs.3,756 Cr in Q2FY24 against Rs.3,374 Cr in Q2FY23.

*   Net Interest Income (NII) improved by 13% YoY and stood at Rs.5,740 Cr in Q2FY24 against Rs.5,083 Cr for Q2FY23.

*   Non-Interest Income improved by 19% YoY and stood at to Rs.1,688 Cr in Q2FY24 against Rs.1,417 Cr in Q2FY23.

H1-FY24:

*   Net Profit increased by 98% YoY and stood at Rs.3,009 Cr in H1FY24 against Rs.1,521 Cr in H1FY23.

*   Operating Profit improved by 35% YoY and stood at Rs.7,508 Cr in H1FY24

against Rs.5,557 Cr in H1FY23.

*   Net Interest Income (NII) increased by 27% YoY and stood at Rs.11,653 Cr

in H1FY24 against Rs.9,156 Cr in H1FY23.

*   Non-Interest Income increased by 23% YoY and stood at Rs.3,150 Cr in H1FY24 against Rs.2,569 Cr in H1FY23.

Ratios (Q2-FY24):

*   NIM (Global) improved by 4 bps YoY to 3.08% in Q2FY24 against 3.04% in Q2FY23. It improved by 5 bps on a sequential basis from 3.03% in Q1FY24.

*   NIM (Domestic) stood at 3.47% in Q2FY24. It improved by 10 bps on a sequential basis from 3.37% in Q1FY24.

*   Return on Assets (RoA) improved by 20 bps YoY to 0.67% in Q2FY24 against 0.47% in Q2FY23

*   Return on Equity (RoE) improved by 230 bps to 12.64% in Q2FY24, against 10.34% in Q2FY23.

*   Cost to Income ratio (Global) stood at 49.44% in Q2FY24.

*  Slippage ratio stood at 0.34% in Q2FY24.

*   Credit Cost improved to 0.54% in Q2FY24 against 0.60% in Q2FY23.

*   Yield on Advances (Global) improved to 8.54% in Q2FY24 against 7.21% in Q2FY23.

*   Cost of Deposits (Global) stood at 4.49% in Q2FY24 against 3.54% in Q2FY23.

Ratios (H1-FY24):

*   NIM (Global) improved by 25 bps YoY to 3.05% in H1FY24 against 2.80% in H1FY23.

*   NIM (Domestic) improved by 23 bps YoY to 3.42% in H1FY24 against 3.19% in H1FY23.

*   Return on Assets (RoA) improved by 30 bps YoY to 0.68% in H1FY24 against 0.38% in H1FY23.

*   Return on Equity (RoE) improved by 545 bps to 13.72% in H1FY24, against 8.27% in H1FY23.

*   Cost to Income ratio (Global) improved by 332 bps to 49.29% in H1FY24 against 52.61% in H1FY23.

*   Credit Cost improved by 29 bps to 0.58% in H1FY24 against 0.87% in H1FY23.

*   Yield on Advances (Global) improved by 142 bps to 8.32% in H1FY24 against 6.90% in H1FY23.

*   Cost of Deposits (Global) stood at 4.35% in H1FY24 against 3.51% in H1FY23.

Business:

*   Global Business increased by 9.25% YoY from Rs.11,41,356 Cr in Sep’22 to Rs.12,46,879 Cr in Sep’23.

*   Global Deposits increased by 8.68% YoY from Rs. 6,47,541 Cr in Sep’22 to Rs. 7,03,751 Cr in Sep’23.

*   Global Advances increased by 10% YoY from Rs. 4,93,814  Cr in Sep’22 to Rs. 5,43,128 Cr in Sep’23.

*   Domestic Deposits increased by 8.61% YoY from Rs. 5,51,401 Cr in Sep’22 to Rs.5,98,850 Cr in Sep’23.

*   Domestic CASA went up by 6.08% YoY from Rs.2,42,230 Cr in Sep’22 to Rs.2,56,956 Cr in Sep’23 and CASA ratio stood at 43.13%.

*   Domestic Advances increased by 9.80% YoY from Rs. 4,12,233 Cr in Sep’22 to Rs. 4,52,641 Cr in Sep’23.

*   RAM Advances increased by 12.32% YoY to Rs.2,51,197 Cr, constituting to

55.50% of Advances.

*   Retail Credit grew by 14.65% YoY to Rs.1,00,260 Cr in Sep’23.

*   Agriculture Credit grew by 10.82% YoY to Rs.77,206 Cr in Sep’23.

*   MSME Credit grew by 10.82% YoY to Rs.73,731 Cr in Sep’23.

Asset Quality:

*   Gross NPA declined by 8.28% QoQ from Rs.34,582 Cr in Jun’23 to Rs.31,719 Cr in Sep’23.

*   Net NPA declined by 1.73% QoQ from Rs.8,119 Cr in Jun’23 to Rs.7,978 Cr in Sep’23.

*   GNPA ratio improved by 83 bps from 6.67% in Jun’23 to 5.84% in Sep’23.

*       Net NPA ratio improved by 11 bps from 1.65% in Jun’23 to 1.54% in Sep’23

Provision Coverage Ratio (PCR) stood at 89.58% in Sep’23 against 89.52% in Jun’23.

Capital Adequacy:

*   As on 30.09.2023, Bank's total Capital Adequacy Ratio (CRAR) was at 15.63% against 15.60% in Jun’23.

*   CET-1 ratio stood at 12.60% as on 30.09.23.

Priority Sector:

*   Priority Sector Advances increased by 9.25% YOY and achieved 42.95% of ANBC as on Sep’23. Agricultural advances achieved 19.31% of ANBC.

*   Advances to Small & Marginal Farmers achieved 12.48% of ANBC in Sep’23 against regulatory norm of 10%.

*   Advances to Weaker Sections achieved 15.53% of ANBC in Sep’23 against regulatory norm of 12%.

Digital Banking:

*   Internet Banking users: Increased to 8.66 million in Sep’23 from 8.28 million in Sep’22.

*   Mobile Banking users: Increased to 9.12 million in Sep’23 from 7.14 million in Sep’22.

*   Number of UPI users increased to 17.16 million in Sep’23 from 14.14 million in Sep’22.

Digital Products:

*   Bank has created end to end Digital products, viz. SB accounts on the deposit side and Mudra/KCC/Personal loan/pensioner loan on the loan segment.

*   Customers can open SB accounts and avail loans without visiting branch.

*   There are more than 15 products that will be rolled out in Q3 & Q4 of this year.

*   We are targeting at least Rs.10,000 Cr of business through Digital products by the end of this financial year.

Branch Network:

*   As on 30th Sep’23, the Bank has 5135 number of Domestic branches.

*   Rural: 1855 (36%), Semi-Urban: 1456 (29%), Urban: 830 (16%), Metro: 992 (19%).

Awards & Accolades:

*   ‘Shine and Succeed 2023’ award from PFRDA for performance in Atal Pension Yojana.

*   ‘Rise above the Rest 2023’ award from PFRDA for performance from 1st  July 2023 to 16th August 2023 in Atal Pension Yojana.

Union Bank Of India Bags “Global Retail Banking Innovation Award, 2023”

Union Bank of India, one of India's largest public sector bank, continues to be recognised by the Global Financial Sector. The latest feather in the cap of the Bank is the award under ‘Best Self-Service Banking’ category bestowed on the Bank at the “Global Retail Banking Innovation Award 2023” held at Singapore. The award by The Digital Banker, a global news, business intelligence and research partner of the worldwide financial services sector recognises the Bank’s conversational banking initiatives – Union Virtual Connect (UVConn), the Bank’s WhatsApp Banking Channel and Union Voice Assistant (UVA), the Bank’s Voice Banking channel.  

Mr. Nitesh Ranjan, Executive Director, Union Bank of India, reiterated the Bank’s resolve to facilitate innovative banking experience and said “Union Bank of India is devoted to extending its digital landscape and implementation of the Government’s EASE agenda. The award exemplifies the Bank’s objective of creating a “Digital Bank within the Bank” and Bank’s commitment to make banking services accessible to all sections of the Society.” 

Mr. Anil Kuril, CTO of the Bank said that “UVConn and UVA are the result of the Bank’s continuous efforts to make banking easy. The award not only validates the Bank’s dedication but also motivates us to continue exploring new horizons in banking, bringing even more innovative & customer centric solutions to the forefront.” 

UVConn offers over 40 various banking services including Account Statement, Deposit Interest Certificate, Debit Card & Credit Card services, Submit Form, 15 G/H, Form 16/16A etc. in 7 different languages to the Bank’s customers. UVConn services can be accessed by sending “Hi” on the Bank’s WhatsApp Business Number 9666606060. 

UVA launched over Amazon Alexa offers customers an innovative way to access banking services from their home via voice commands. Through UVA, the Bank also informs its customers about its latest offers and schemes. UVA benefits customers with disabilities or impairments who find it difficult to use traditional banking channels. 

PNB Announces Its New Festival Bonanza Offer “Deepawali Dhamaka 2023”

~ Customers can now avail home loans at a reduced rate of 8.40%~ 

In keeping with the festive spirit of Deepawali, Punjab National Bank (PNB), nation's leading public sector bank, has announced its festival bonanza offer “Deepawali Dhamaka 2023”. Under this exclusive offer, customers can avail home and car loans at an interest rate starting from 8.40% and 8.75% respectively with a full waiver of upfront/processing fees and documentation charges on all variants of both home and car loan for limited period (T&C applicable).  

For additional information, customers can reach out to the bank either through the toll-free number 1800 1800/1800 2021 or visit the nearest PNB branch. Customers can also avail the information by logging into mobile banking app PNB ONE or https://www.pnbindia.in/. One can also log into  https://digihome.pnb.co.in/pnb/hl/ to avail home loan. 

Protean eGov Technologies Limited Raises Rs 143.53 Crore From 18 Anchor Investors At Upper Price Band Of Rs 792

·         Price Band fixed at Rs 752 to Rs 792 per Equity Share of face value of Rs 10 each (“Equity Share”);

·         Bid/ Offer will open on Monday, November 06th, 2023 and close on Wednesday, November 08th, 2023.

·         Bids can be made for a minimum of 18 Equity Shares and in multiples of 18 Equity Shares thereafter.

·         Link:

https://www.bseindia.com/markets/MarketInfo/DownloadAttach.aspx?id=20231103-46&attachedId=93a97227-78f1-49f1-bdca-799504a10976

Protean eGov Technologies Ltd, has allotted 18,12,300 Equity Shares to 18 anchor investors and raised Rs 143.53 crore ahead of company’s proposed IPO at the upper price band of Rs 792 per equity share (including premium of Rs 782 per equity shares) with face value of Rs 10 per share.

Out of the total allocation of 18,12,300 Equity shares to the Anchor Investors, 3,87, 702 Equity shares (i.e.  21.40 % of the total allocation to the Anchor Investors) were allocated to 2 (Two) domestic mutual funds through a total 9 (Nine) schemes.

ICICI Securities Limited, Equirus Capital Private Limited, IIFL Securities Limited and Nomura Financial Advisors and Securities (India) Private Limited are the Book Running Lead Managers to the issue.

Air India, Enters Interline Partnership With Alaska Airlines

* Seamless connections to and from 32 destinations across USA, Mexico, and Canada

Air India, India’s leading global airline, has entered an interline partnership with Alaska Airlines. The partnership, while strengthening Air India’s international network, will allow Air India guests to avail seamless connections from New York JFK, Newark-New Jersey, Washington DC, Chicago, San Francisco, and Vancouver gateways to and from 32 destinations in the USA, Mexico, and Canada on Alaska Airline’s network.

The scope of agreement includes bilateral interlining which allows both the airlines to sell tickets on each other’s network. In addition, the two airlines have also entered a Special Prorate Agreement, which allows Air India to file ‘through fares’ on routes covering Alaska Airlines’ network. Passengers will also be able to enjoy Air India’s free baggage allowance on Alaska Airlines routes.

Nipun Aggarwal, Chief Commercial & Transformation Officer, Air India, said, “The tie-up with Alaska Air will expand our international footprint in the US and Canada and even extend our reach to Mexico boosting our network expansion plans. It will help us offer more choice to our guests and mark a significant step forward in our mission to enhance connectivity.”

Passengers will be able to connect to the following points on Alaska Airlines network from Air India’s current gateways in North America:

* New York JFK: Portland, San Diego, Seattle.

* Newark-New Jersey: Los Angeles, Portland, San Diego, Seattle.

* Chicago: Portland, Seattle, Anchorage, Boise.

* Washington DC: Los Angeles, San Diego, Seattle.

* San Francisco: 26 points in the USA and 6 in Mexico

* USA: Salt Lake City, Orange County, Tampa, Anchorage, Austin, Boise, Boston, Bozeman Yellowstone, Dallas Love Field, Reagan National, Fort Lauderdale, Spokane, Honolulu, Jackson Hole, Las Vegas, Los Angeles, Orlando, Missoula Montana, Kahului, Seattle Paine Field, Portland, Phoenix, Palm Springs, Redmond, San Diego, Seattle.

* Mexico: Los Cabos, Ixtapa-Zihuatanejo, Cancun, Loreto International, Mazatlan, Puerto Vallarta.

* Vancouver: Seattle

Air India currently operates 47 non-stop flights every week from Delhi, Bengaluru, and Mumbai to five American cities: New York, Newark, Washington DC, Chicago, and San Francisco, and 14 non-stop flights every week from Delhi to Toronto and Vancouver in Canada.

About Air India:

Founded by the legendary JRD Tata, Air India pioneered India’s aviation sector. Since its first flight on October 15, 1932, Air India has built an extensive domestic network with non-stop flights to cities around the world, across the USA, Canada, UK, Europe, Far-East, South-East Asia, Australia, and the Gulf. After 69 years as a government-owned enterprise, Air India and Air India Express were welcomed back into the Tata group in January 2022.

Air India is navigating through a major five-year transformation roadmap under the aegis of Vihaan.AI, with an ambition to become a world class airline with an Indian heart. The first phase of this transformation, the taxi phase was recently concluded, and focused on fixing the basics. These included bringing back to service many long grounded aircraft, addition of talent across flying and ground functions, rapid upgradation of technology and strengthening of customer care initiatives amongst others. 

A member of Star Alliance, the largest global airline consortium of leading international airlines, Air India offers seamless connectivity and facilities to passengers all over the world.

Voltas Unveils Its Grand Mahotsav Diwali Offer For 2023

Highlights:

Instant cashback of up to 15% on select credit and debit cards across Voltas and Voltas Beko products

Zero down payment with Easy and Long Term EMI options

Extended Warranty up to 5-Years on exchange on select ACs

Lifetime warranty on Inverter compressor on ACs and Refrigerators

·         The offer will be valid from 1st November to 30th November 2023

This Diwali, Voltas Limited, the undisputed market leader for Room Air Conditioners in India, is all set to light up the country’s festivities with the announcement of Grand Mahotsav Diwali Offer, bringing a sparkling array of irresistible deals on select Voltas and Voltas Beko products. As a trusted brand known for innovation, quality, and customer satisfaction, Voltas is  thrilled to announce these exclusive Diwali offers to help seamless home upgradation and festive gifting. These exclusive offers will be valid from 1st November 2023 to 30th November 2023 across all authorized dealers in India.

As the festive season continues, customers look forward to creating a warm and welcoming environment at home. With the Grand Mahotsav Diwali Offer from Voltas, customers can now avail themselves of up to 15% instant cashback on a wide range of Air Conditioners, Refrigerators, Washing Machines, and Water Heaters. Voltas is offering an attractive zero down payment option, making it easier than ever for customers to upgrade their homes with top-of-the-line appliances. With a fixed EMI of just Rs. 1,888 per month, customers can enjoy the convenience and luxury of Voltas products without compromising on their festive budget. For customers looking for a more flexible payment options, Voltas has also introduced long-term EMIs for up to 18 months. This would enable customers to spread out their payments and enjoy the benefits of Voltas appliances.

To further enhance the customer experience, Voltas is offering an extended warranty of up to 5 years on exchange on select products. This contributes to greater peace of mind and assurance, as customers can rely on the durability and reliability of Voltas appliances for years to come. Additionally, the Grand Mahotsav Diwali Offer includes a lifetime warranty on the inverter compressor, ensuring that customers receive the highest level of quality and performance.

Commenting on the occasion, Mr. Pradeep Bakshi, MD & CEO, of Voltas Limited said, “As one of the leading brands in the cooling products and home appliances industry, we aim to significantly enhance the quality of life for our customers by offering innovative products that bring comfort and convenience to their everyday tasks. This festive season, we aspire to ease out the demands of household chores amidst the hustle of celebration by introducing our latest range of products tailored to meet our customers' festive needs, along with most enticing offers.

As Indian festivals symbolize fresh beginnings and prosperity, we are dedicated to igniting the spirit of celebration with our customer-focused offers, accessible through our esteemed channel partners.”

The Grand Mahotsav Diwali Offer is available at all authorized Voltas channel partners nationwide. Customers are encouraged to visit their nearest store to take advantage of these exciting offers before they end.

About Voltas Limited:

Voltas Limited is a premier air conditioning and engineering solutions provider and a projects specialist. Founded in India in 1954, Voltas Limited is part of the Tata Group, and in addition to Room Air Conditioners, Voltas also has Air Coolers, Air Purifiers, Water Dispensers, Water Coolers, Commercial Refrigeration and Commercial Air Conditioning products in its portfolio. Voltas is one of the leading companies within the Tata group and is the undisputed market leader in room air conditioners in India, with a footprint of over 25,000+ customer touchpoints. Voltas has also launched a wide range of Voltas Beko Home Appliances products, through its JV in India, in equal partnership with Arçelik.     

MAHE Is Hosting An Conference With Konrad Adenaeur Stiftung On Indo-Pacific; Garners Views Of Experts On Regional Cooperation

Manipal Academy of Higher Education (MAHE), in association with Konrad Adenaeur Stiftung (KAS), is hosting an international conference on India and EU in the Indo-Pacific: Strategies, Opportunities, and Challenges on 3rd and 4th November in Manipal, Udupi. The conference, organized by Manipal Centre for European Studies (MCES) and Department of Geopolitics and International Relations (DGIR), brings together academicians, diplomats, policy makers and researchers from India and Europe to deliberate on the role of India and the European Union (EU) in the changing geopolitical dynamics in the Indo-Pacific region.

“The expansion of economic and technological cooperation between the EU and India is mutually beneficial. However, Europe needs to explain its ambivalence in its policy towards China”, said Ambassador Rajiv Bhatia. Delivering the keynote address after inaugurating an International Conference on India and EU in the Indo-Pacific in Manipal, he added, EU’s inclination to prioritize trade over security and strategy could pose difficulties in the future. He advocated the need for sustained deliberations on rules-based international order, maritime security, and potentials of sustainable development for mutually beneficial and deeper cooperation between EU and India.

Prof M D Nalapat in his inaugural address echoed the thought: “In a way that benefits all our people, India and EU need to figure out a framework that creates successful collaborative networks.” He invoked the democratic ideals of Konrad Adenaeur, the first Chancellor of West Germany after the second World War, and stressed how such ideals are important in quelling predatory powers in this region. 

As a region that accounts for sixty percent of the GDP of the world, the Indo-Pacific has emerged as a site of contestation and has drawn the attention of the global community to reflect on the possibilities of multilateral initiatives, security arrangements, and strategic partnerships. The inaugural session set the stage for the two-day event for discussions on the possibilities of cooperation between India and EU in the Indo-Pacific region to balance trade-dominated relations with geoeconomic and strategic interests along with addressing issues of climate change, biodiversity conservation, and quality healthcare. 

The session was presided over by Vice Chancellor, MAHE, Lt Gen (Dr) M D Venkatesh, who observed the key role of universities to nurture and engage young minds to develop international relations and strategies. Fellow panellist, Ms Simran Dhingra, Head of International Cooperation at KAS, underscored the imperative to bolster India-EU ties on issues of maritime security, defence partnerships and counter-terrorism, especially since India is being increasingly perceived as a key actor in the Indian Ocean. Prof Neeta Inamdar, Head of Manipal Center for European Studies (MCES), welcomed the gathering and further remarked, “I hope cooperation becomes the intent of this conference, and we can all look forward to what we can change to make the world a better place”. Prof K P Vijayalakshmi, Head of DGIR, concluded the event with a vote of thanks. 

The conference hosts close to thirty delegates from across India and Europe. The sessions over the two days will deliberate on the strategic opportunities and challenges for improving regional cooperation in the Indo-Pacific focusing on issues such as trade and connectivity, climate change, healthcare infrastructure, technological innovation and growth, maritime security, and educational and cultural cooperation.