Any current/future new fundraising through debt or equity?

The Board has approved a capital raise of Rs. 6,500 crores in FY 24. Of this, Rs. 4,500 crores will be through Tier 1 capital and Rs. 2,000 crores through Tier 2 capital. The timing and mode of raising Tier 1 capital (e.g., QIP or rights issue) will depend on market conditions. Mr. Sushil Choksey suggested considering a rights issue instead of QIP in the next two quarters, which was noted by the management. Tier II bonds are expected to be issued in the next three to four months. The bank is awaiting final RBI guidelines on Expected Credit Loss (ECL) provisions before giving further clarity on

Any current/future capex/capital investment/strategic investment?

The bank has already spent around Rs. 800 crores on digital initiatives, generating corresponding business. By end of the current year, the bank plans to roll out 20 end-to-end digital journeys with more planned for the next year. Recent hiring of a CTO to strengthen IT and digital transformation efforts. Capital raising plans approved by the Board for Rs. 6,500 crores in FY24 (Rs. 4,500 crores Tier 1 and Rs. 2,000 crores Tier 2), with timing to be decided based on market conditions. Upcoming Tier II bonds issuance planned in the next three to four months. The bank intends to continue investin

Future growth expectations in sales/revenue/volumes?

The bank expects global credit growth of 11-12% for the current year (FY 24). Operating profit guidance is around 30% year-on-year growth for March 2024. Credit growth will focus on high-yielding areas such as RAM advances (Retail, Agriculture, MSME) and mid-corporate advances. The share of RAM advances has increased to 55%, indicating a strategic emphasis on this sector. The bank aims for balanced growth in corporate loans with increased emphasis on infrastructure, industry sectors like textiles, iron & steel, food processing, pharma, and exports. International book is expected to b

Future growth expectations in earnings/operating earnings/profits/EPS?

The bank projects around 30% year-on-year growth in operating profit for FY24 (Page 7). Net Interest Margin (NIM) is expected to be maintained above 3.0% in FY24, supporting sustainable profit growth (Pages 3, 4, 5, 10). Credit growth guidance is 11-12% for FY24, with focus on high-yield areas like RAM advances and Mid Corporate advances (Page 4). Operating profit for Q1 FY24 was Rs. 3,752 crores, and while quarterly growth to Rs. 4,500-5,000 crores was deemed unlikely, the annual growth target is 30% YoY (Pages 6, 7). Cost-to-Income ratio guidance is maintained around 47%, aiming for improved

Bank of IndiaQ1 FY24Banks

Bank of India Q1 FY24 Earnings Call Analysis

Revenue, margin, capex, fundraise and order book outlook from management commentary.

Price: ₹132P/E: 5.1Market Cap: ₹60.3K CrSector: Banks

Management growth scorecard

Revenue

Category 3

Margin

Category 3

Fundraise

Yes

Order

Yes

Capex

N/A

2 of 4 growth signals are positive.

Full analysis

Revenue guidance

Category 3

The bank expects global credit growth of 11-12% for the current year (FY 24).
Operating profit guidance is around 30% year-on-year growth for March 2024.
Credit growth will focus on high-yielding areas such as RAM advances (Retail, Agriculture, MSME) and mid-corporate advances.
The share of RAM advances has increased to 55%, indicating a strategic emphasis on this sector.
The bank aims for balanced growth in corporate loans with increased emphasis on infrastructure, industry sectors like textiles, iron & steel, food processing, pharma, and exports.
International book is expected to be maintained at 16% of the total global book despite global headwinds.
Deposits are guided to grow by 10-11%, and advances by 11-12% in FY24.
Digital loan journeys and products are being expanded, aiming to scale the digital loan book in the next six months.

Margin guidance

Category 3

The bank projects around 30% year-on-year growth in operating profit for FY24 (Page 7).
Net Interest Margin (NIM) is expected to be maintained above 3.0% in FY24, supporting sustainable profit growth (Pages 3, 4, 5, 10).
Credit growth guidance is 11-12% for FY24, with focus on high-yield areas like RAM advances and Mid Corporate advances (Page 4).
Operating profit for Q1 FY24 was Rs. 3,752 crores, and while quarterly growth to Rs. 4,500-5,000 crores was deemed unlikely, the annual growth target is 30% YoY (Pages 6, 7).
Cost-to-Income ratio guidance is maintained around 47%, aiming for improved operational efficiency (Page 13).
Net profit for Q1 FY24 stood at Rs. 1,551 crores, up 176% YoY, indicating strong earnings momentum (Page 3).
EPS growth is implied from the strong PAT growth though explicit EPS guidance isn't provided.

See what Bank of India management said on margin guidance — free account, 30 seconds.

Fundraise plans

Yes

The Board has approved a capital raise of Rs. 6,500 crores in FY 24.
Of this, Rs. 4,500 crores will be through Tier 1 capital and Rs. 2,000 crores through Tier 2 capital.
The timing and mode of raising Tier 1 capital (e.g., QIP or rights issue) will depend on market conditions.
Mr. Sushil Choksey suggested considering a rights issue instead of QIP in the next two quarters, which was noted by the management.
Tier II bonds are expected to be issued in the next three to four months.
The bank is awaiting final RBI guidelines on Expected Credit Loss (ECL) provisions before giving further clarity on impact and capital raising.

Order book

Yes

The transcript does not explicitly mention the exact current or expected order book or pending orders for Bank of India. However, related information on credit pipeline and sanctioning is provided: - Corporate credit pipeline stands at nearly Rs. 40,000 crores (as of the date of the call). - Fresh sanctions from 1st April this financial year are nearly Rs. 30,000 crores. - The bank is planning to open 18 new Mid Corporate Branches this quarter (subject to approval), focusing on mid corporate advances of Rs. 50 to Rs. 200 crores, along with existing large corporate branches. - The bank aims for balanced growth between RAM (Retail, Agriculture, MSME) and Corporate books, with a loan book mix target of 55% RAM and 45% Corporate for FY24. No direct mention of "pending orders" or fixed order book size is made in the transcript.

See what Bank of India management said on order book — free account, 30 seconds.

Capex plans

The bank has already spent around Rs. 800 crores on digital initiatives, generating corresponding business.
By end of the current year, the bank plans to roll out 20 end-to-end digital journeys with more planned for the next year.
Recent hiring of a CTO to strengthen IT and digital transformation efforts.
Capital raising plans approved by the Board for Rs. 6,500 crores in FY24 (Rs. 4,500 crores Tier 1 and Rs. 2,000 crores Tier 2), with timing to be decided based on market conditions.
Upcoming Tier II bonds issuance planned in the next three to four months.
The bank intends to continue investing strategically in digital transformation to scale up its digital book and improve operational efficiency.

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Bank of India Q1 FY24 Earnings Call Analysis

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Capex plans

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