Bank of India

BoI First Quarter Profit Falls By 28%

BoI First Quarter Profit Falls By 28% The State-owned Bank of India (BoI) announced that their net profit at Rs 517.5 core, for the first quarter was turned down by 28%.

Meanwhile, during the quarter end in the month of June, BoI's gross non-performing property (NPAs) also recorded a downfall of 2.69% and throughout the month of March, the bank staff had expected to gain the gross NPA by at least 2%.

Weak Core Business reported by Bank of India

Bank of India

Bank of India has slipped on key operational in March 2010 quarter, among the top five banks, exactly on areas where analysts were worried about. The bank improved its coverage from 59.1 percent at the end of September 2009 quarter and in fact, its provision coverage ratio at 65.5 percent is still short of the 70 percent minimum advised by the Reserve Bank of India.

Tata Motors inks ‘Vehicle Finance’ deal with Bank of India

Tata, SBITata Motors, India's largest automobile company, has entered into an Memorandum of Understanding (MoU) with the Bank of India, to finance its cars.

Under the arrangement, Bank of India offers car loans up to 90 % of invoice, up to Rs 10 lakhs for tenure up to 6 years. The customers can avail special interest rates for loans up to Rs 10 lakhs @ 9.75% to 10.25% for a new Fiat car of their choice from the Linea, Palio and the to-be-launched Grande Punto.

BOI to use QIP funds for MF, Insurance Business; Slashes Loan Rates By 250 bps

Mumbai-based, Bank of India has recently raised Rs. 1360 crore through qualified institutional placement (QIP), and bank has plans to deploy it for asset growth, new businesses such as the life insurance entity, mutual fund and credit card ventures.

The bank raised above specific amount by selling the shares at Rs. 360 each, just above the stock’s close of Rs355 on Friday. The shares were oversubscribed by 1.87 times the issue size.