Bank of India CASA deposits grow at amazing 8.46% rate
Bank of India registered a negative net profit of Rs -56 <g data-gr-id="11">crore</g> for Q42014-15, while its FY2014-15 net profit stood at Rs 1,709 crore. However, on a positive note, its CASA deposits grew by 8.46% at Rs 1,14,386 crore in March 2015 as against Rs 1,05,467 crore in March 2014 (being driven mainly by savings deposits growth of 10.62% at Rs 96,389 crore for this Q4 against Rs 87,136 crore last year), while global business increased by 10.60% (y-o-y) from Rs 8,53,202 crore for March to Rs 9,43,633 in March 2015.
Gross NPA ratio was reported at 5.39% in March 2015 as against 4.07% in December 2014, while net NPA stood at 3.36% (March 2015) against 2.50% in December 2014 and provision coverage was at 52.40%. V R Iyer, CMD Bank of India, said the macroeconomic scenario was observed to be on a positive note among think-tanks with growth between 7.5% to 8% in fiscal 2015.