Bank of India raises Rs1,000 crore in Tier II capital via bond issue
15 Jun 2010
Bank of India has raised Rs1,000 crore in Tier- II capital through issue of upper Tier-II capital bonds on 11 June. The bonds have a coupon rate of 8.48 per cent per annum.
The bonds with a tenure of 15 years, has a call option after 10 years, BoI said in a filing with the Bombay Stock Exchange (BSE).
Bank of India, one of the leading nationalised banks, reported a net profit of Rs1,741 crore and an operating profit of Rs4,705 crore for the financial year ended 31 March 2010.
Capital adequacy ratio under Basel-II norms stood at 12.94 per cent. The bank had gross non-performing assets (NPAs) of 2.85 per cent and net NPAs of 1.31 per cent as of 31 March 2010.
With 3,101 branches spread across the country, including 141 specialised branches, the bank reported a 21 per cent increase in deposits at Rs2,29,762 crore for the year ended 31 March 2010. Advances of the bank grew 18 per cent to Rs1,68,491 crore during the period.