Bank of India's Q3 Report: Domestic Deposits Grow By 7.6%, Advances Surge By 11.6%
State-owned Bank of India (BoI) released its Q3 business update on 10 January, reporting a substantial surge in total global business by 9.9 per cent, amounting to Rs 12.76 lakh crore, compared to Rs 11.61 lakh crore during the same period last year.
On a global scale, total deposits increased by 8.66 per cent, reaching Rs 7.10 lakh crore compared to Rs 6.53 lakh crore in the corresponding quarter of the previous year. Domestically, total deposits witnessed a 7.62 per cent increase, totaling Rs 5.99 lakh crore, up from Rs 5.56 lakh crore YoY.
Gross advances globally experienced robust growth at 11.49 per cent, reaching Rs 5.66 lakh crore compared to Rs 5.07 lakh crore in the third quarter of the previous fiscal year. In the domestic market, advances followed suit, registering an 11.6 per cent rise to Rs 4.76 lakh crore, up from Rs 4.26 lakh crore YoY.
Bank of India recently introduced the 'Super Special Fixed Deposit' to kick off the New Year, featuring a maturity period of 175 days and offering an attractive interest rate of 7.5 per cent per annum.
The Mumbai-based bank positioned this offering as a "high-yielding avenue for HNIs and corporates to deploy their surplus funds for the short term." The special fixed deposit is exclusively for domestic rupee term deposits and is introduced as a limited-period offer.
On the stock market, Bank of India shares concluded at Rs 223.80, marking an increase of Rs 0.60 or 0.27 per cent on the BSE.
