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Bank of India: Growth concerns

Nov 5, 2003

Bank of India (BoI), one of the largest public sector banks in the country, reported a 17% YoY rise in net profits on the back of a fall in topline for the quarter ending September 2003. While topline growth was subdued, bottomline grew significantly due to rise in other income and control on operating costs. Higher other income was seemingly due to healthy treasury gains from sale of investments.

Rs m 2QFY03 2QFY04 Change 1HFY03 1HFY04 Change
Income from Operations 15,129 14,039 -7.2% 29,251 28,421 -2.8%
Other Income 3,561 4,910 37.9% 6,425 8,246 28.4%
Interest Expenses 9,903 9,012 -9.0% 19,332 18,053 -6.6%
Net interest income 5,226 5,027 -3.8% 9,919 10,368 4.5%
Other Expenses 4,144 4,266 2.9% 7,906 8,414 6.4%
Operating Profit 1,082 761 -29.7% 2,013 1,954 -2.9%
Operating Profit Margin (%) 7.2% 5.4%   6.9% 6.9%  
Provisions and Contingencies 2,042 2,250 10.2% 3,465 3,873 11.8%
Profit before Tax 2,601 3,421 31.5% 4,973 6,327 27.2%
Tax 657 1,153 75.6% 1,257 2,021 60.7%
Profit after Tax/(Loss) 1,944 2,268 16.6% 3,716 4,307 15.9%
Net Profit Margin (%) 12.9% 16.2%   12.7% 15.2%  
No. of Shares (m) 488.1 488.1   488.1 488.1  
Diluted Earnings per share* 15.9 18.6   15.2 17.6  
P/E Ratio         3.5  
*(annualised)            

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