Bank of India Shares in Focus: Raises ₹5,000 Crore Via Infrastructure Bonds

On November 27, 2024, the Bank of India (BoI) announced through an exchange filing that it had successfully raised ₹5,000 crore. The funds have been raised by issuing 10-year infrastructure bonds with a coupon rate of 7.41%. Bank of India’s offering saw strong investor interest, with bids totalling approximately ₹13,700 crore, about 2.7 times the targeted amount. The bonds have a base size of ₹ 2,000 crore and a green shoe option of ₹3,000 crore. In July, BoI raised ₹5,000 crore through a similar issuance with a slightly higher coupon rate of 7.54%.

Bank of India Q2 FY25 Financials Overview

In Q2FY25, Bank of India reported a robust financial performance with a 63% year-on-year (YoY) increase in net profit, which rose to ₹2,374 crore compared to ₹1,458 crore in Q2FY24. Operating profit also saw a 10% YoY growth, reaching ₹4,147 crore, up from ₹3,756 crore in the same quarter last year. Net Interest Income (NII) grew by 4% YoY, standing at ₹5,986 crore, compared to ₹5,740 crore in Q2FY24. Non-interest income saw a significant jump of 49% YoY, totalling ₹2,518 crore, up from ₹1,688 crore in Q2FY24. However, operating expenses increased to ₹4,355 crore, up from ₹3,672 crore in Q2FY24.

On November 28, 2024, the Bank of India share price opened at ₹112.35 and touched the day high of ₹114.55 at 11:55 AM.

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