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Bank of India expects advances to grow 11-12% in FY24
May 08, 2023
“We expect advances to grow by 11-12 percent in FY24,” said Rajneesh Karnatak, MD, Bank of India at the Q4FY23 results press conference.
In the reporting quarter, gross domestic advances of the bank grew 1.18 percent on-quarter, and 9.56 percent on year.
In absolute terms, gross domestic advances grew ₹4.32 lakh crore in Q4FY23, from ₹3.94 lakh crore in Q4FY22.
Retail gross advances grew 17.40 percent on year, whereas, corporates and others grew 12.07 percent, according to the lender’s investor presentation.
Total retail loans of the bank grew 17.40 percent on-year to ₹94,716 crore. On a sequential basis, retail advances grew 3.66 percent.
The major contributor in the retail loan book was vehicle loans, which rose 31.21 percent on-year.
Further, on the net interest margins (NIM) front, management said they are able to sustain margins above 3 percent going forward.
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