Why Bank Of India Share Price Is Rallying After Q3 Business Update

Shares of the state-run Bank of India were gaining on Thursday after the lender posted an upbeat quarterly business update

What Happened: Bank of India said its total business surged on a global scale. The total business increased by 9.9%, reaching ₹12.76 lakh crore, compared to ₹11.61 lakh crore in the same period last year.

On a global level, total deposits grew by 8.66%, reaching ₹7.10 lakh crore, compared to ₹6.53 lakh crore in the corresponding quarter of the previous year. In the domestic market, total deposits increased by 7.62%, amounting to ₹5.99 lakh crore, up from ₹5.56 lakh crore year on year.

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Gross advances worldwide experienced robust growth, rising by 11.49% to ₹5.66 lakh crore, compared to ₹5.07 lakh crore in the third quarter of the previous fiscal year. Domestic advances mirrored this trend, registering an 11.6% rise to ₹4.76 lakh crore, up from ₹4.26 lakh crore year on year.

Special Deposit: In addition to its business update, Bank of India introduced a new financial product called the “super special fixed deposit’ on the occasion of the New Year.

The scheme, with a maturity period of 175 days, offers an attractive interest rate of 7.5% per annum for the specified period. This lender presents the offer as a “high-yielding avenue for high net worth Individuals (HNIs) and corporates to deploy their surplus funds for the short term.”

The special fixed deposit is exclusive to domestic rupee term deposits and is introduced as a limited-time offer.

Price Action: Bank of India’s share price was up 2.03% at ₹120.6 near the start of trade on Thursday.

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