Bank of India Domestic Deposits grew by 9.91%

Bank of India, a leading public sector bank in India, has reported a strong growth in its domestic deposit base, as per the financial information provided. The bank's domestic deposits stood at ₹6,47,917 crore as of June 30, 2024, registering a year-on-year (Y-o-Y) growth of 9.91%.

This robust growth in domestic deposits highlights Bank of India's ability to attract and retain customer funds, a crucial metric for any banking institution. The increase in deposits provides the bank with a stable source of funding to support its lending activities and drive overall business growth.

Notably, the bank's global deposits also grew by 9.09% Y-o-Y, reaching ₹7,59,836 crore as of June 30, 2024. This indicates that the bank's deposit-gathering efforts have been successful not only in the domestic market but also across its global operations.

Furthermore, Bank of India's gross advances (global) grew by 15.78% Y-o-Y, reaching ₹6,00,054 crore as of June 30, 2024. This suggests that the bank has been able to effectively deploy its deposit base into productive lending activities, driving growth in its loan portfolio.

The bank's domestic advances also witnessed a strong Y-o-Y growth of 17.25%, reaching ₹5,07,962 crore as of June 30, 2024. This highlights the bank's ability to cater to the credit needs of its domestic customers, contributing to its overall business expansion.

Overall, the reported financial figures demonstrate Bank of India's resilience and its commitment to delivering sustained growth and value for its stakeholders. 

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Bank of India

Bank of India is a leading public sector bank in India, founded in 1906 and nationalized in 1969. The bank has over 5,100 branches across India, controlled through 69 Zonal Offices and 13 Field General Manager Offices.

Bank of India also has an international presence with 47 branches, offices, subsidiaries, and a joint venture in 15 countries across 5 continents. The bank aims to provide superior, proactive banking services to corporate, medium business, and retail customers, while also serving as a development bank for small businesses and rural markets.

With a focus on prudence and innovation, Bank of India has been at the forefront of introducing various banking technologies and systems over the years.