Bank of India Share Price

Bank of India is a state-owned commercial bank that offers a diverse range of banking products and financial services to both corporate as well as retail clients. Formed on September 7, 1906, by a group of businessmen from Mumbai, the bank initially operated as a privately-owned institution till its nationalisation in July 1969. Starting with a single office in Mumbai, a paid-up capital of Rs 50 lakh, and a staff of 50, the bank has grown its presence across India and even expanded its operations internationally.

With a market capitalisation of ₹51,604 crore as of December 19, 2023, the Bank of India is headquartered in Mumbai. Bank of India’s share price has gained 128.53% in 3 years.

In 1997, Bank of India came out with its first public issue. Bank of India’s association with the capital market, however, dates back to 1921 when it signed an agreement to manage the BSE Clearing House with the Bombay Stock Exchange. This collaboration grew into a joint venture with BSE, named BOI Shareholding Ltd, to provide depository services to the stock broking industry.

Business operations

The business operations of Bank of India include merchant banking, NRI services and foreign exchange. The specialised branches focus on small-scale industries, lease financing, asset recovery, treasury and agriculture finance.

The bank provides a diverse range of services such as credit cards, depository services, venture capital, bullion trading and mutual funds. Bank of India has been at the forefront of technological advancements, being the first among nationalised banks to establish a fully computerised branch and ATM facility at the Mahalaxmi Branch in Mumbai in 1989.

With a global footprint extending to 15 foreign countries across five continents, Bank of India operates in centres such as Tokyo, Singapore, Hong Kong, London, Paris, New York, Dubai and the International Banking Unit (IBU) at GIFT City, Ahmedabad.

As of March 31, 2023, Bank of India operates an extensive network of 5,131 branches across India, covering all states and Union Territories, including specialised branches. These branches are controlled by 69 zonal offices and 13 non-banking group (NBG) offices.

The contribution of foreign operations in the bank’s global business mix has been 15.75% as of March 31, 2023.

Financial Highlights

Bank of India’s total income stood at ₹55,142.86 crore in FY 23 compared to ₹46,291.46 crore in FY 22. The operating profit increased to ₹13,393 crore in FY23, up 34.08% as against ₹9,988 crore in FY22.
The bank’s net profit stood at ₹4,023 crore, up 18.16% YoY compared to ₹3,405 crore in FY22. Net profit margin dropped to 6.96% compared to 7.54% in the preceding financial year. In FY23, Bank of India’s net interest income (NII) increased 44.1% to ₹20,275 crore year-on-year from ₹14062 crore in FY 22. Its earnings per share (EPS) dropped to ₹8.84 in FY23 as against ₹9.80 in FY22. The bank’s overseas business grew 33.3% to ₹1,86,738 crore in FY23 compared to ₹1,40,086 crore in the preceding financial year.