Bank of India said it has raised 10 years Infrastructure Bonds of ₹2,690 crore @ 7.50% p.a, through NSE Electronic Bidding Platform. 

The Base Issue size was ₹1,500 crore with Green Shoe option of ₹3,500 crore. 

“Bank received total of 94 bids amounting to ₹8,845 crore, 5.90 times of the Base issue size. Bank accepted bids at cut-off coupon of 7.50% of ₹2,690 crore,” Bank of India said in a statement. 

The funds raised through Long Term Bonds will be used for funding long term projects in infrastructure sub-sectors and affordable housing in accordance with RBI guidelines, it said.

The funds raised by the Bank through this issue is not meant for financing any particular project, it added. 

Bank of India for the third quarter ended December 31, 2024 reported 35% growth in net profit at ₹2,517 crore as compared with ₹1,870 crore in the year ago period.

During the quarter the bank’s Net Interest Income (NII) increased by 11% Year on Year (YoY) to ₹6,070 crore.

Net Interest Margin (NIM) was lower at 2.80% as against 2.85% in the same period last year.

Slippage ratio stood at 0.19% against 0.26% in the year ago period, the bank said in a filing. 

During the quarter the. Ann’s Gross NPA declined by 20.47% YoY from ₹.30,237 crore in the year ago period to Rs.24,048 crore. 

Net NPA declined by 29.07% YoY from ₹.7,627 crore in the third quarter last year to ₹5,410 crore. 

GNPA ratio improved by 166 bps from 5.35% YoY to 3.69%. Net NPA ratio improved by 56 bps YoY from 1.41% to 0.85%.

Provision Coverage Ratio (PCR) stood at 92.48% against 89.95% in the year ago period. 

During the quarter the bank had made a provision for NPA of ₹602.5 crore as compared with ₹612 crore a year ago. 

While the domestic deposits increased by 13.27% YoY from Rs.5,99,137 crore the domestic advances increased by 15.00% YoY from ₹4,75,012 crore. 

Retail Credit grew by 21.22% YoY to ₹1,27,825 crore. Agriculture Credit grew by 18.46% YoY to ₹95,173 crore.

MSME Credit grew by 16.36% YoY to ₹89,134 crore, the bank said.