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Business Standard
9 hours ago
- Business
- Business Standard
Bank of India Q1 net profit rises 32.3% to ₹2,252 crore on treasury gains
The public sector lender Bank of India (BOI) reported a 32.3 per cent year-on-year rise in net profit to ₹2,252 crore for the April–June quarter (Q1FY26), aided by a surge in treasury income. The Mumbai-based lender's shares ended 0.58 per cent higher, closing at ₹112.15 per share on the BSE. Its Net Interest Income (NII) shrank by 3.3 per cent to ₹6,068 crore in Q1FY26, compared to ₹6,275 crore in the same quarter a year ago (Q1FY25). Net interest margin (NIM) declined by 52 basis points YoY to 2.55 per cent in Q1FY26 from 3.07 per cent in Q1FY25. R. Karnatak, Managing Director and Chief Executive Officer, BOI, said there will be some additional pressure on margins in the second quarter. The repricing of deposits, which began in October 2024, will be completed by October, providing a benefit for margins. He stated that margins have bottomed out but did not give estimates for NIM. The bank's non-interest income, comprising treasury, fees, commissions, etc., grew by 66.4 per cent YoY to ₹2,166 crore in Q1FY26. Profit from treasury activities, including the sale and revaluation of investments, grew almost four times to ₹820 crore in Q1FY26 from ₹166 crore a year ago. Provisions for non-performing assets (NPAs) declined to ₹1,104 crore in Q1FY26, down from ₹1,216 crore in Q1FY25. Advances grew 12.02 per cent YoY to ₹6.72 trillion in Q1FY26. Retail, agriculture, and MSME advances grew by 16.27 per cent YoY to ₹3.28 trillion in the June quarter of FY26. Karnatak said credit off-take was subdued in the first quarter, but performance is expected to improve in the remainder of the financial year. There is a sanctioned credit pipeline of ₹80,000 crore in corporate, retail, and agricultural loans. Credit is expected to grow by 12-13 per cent YoY in FY26, he added. Total deposits increased 9.07 per cent YoY to ₹8.33 trillion. The share of low-cost deposits—current accounts and savings accounts (CASA)—declined to 39.88 per cent at the end of June 2025, down from 42.68 per cent a year ago. The bank has guided for 10-11 per cent growth in deposits in FY26. The bank's asset quality improved, with gross NPAs declining to 2.92 per cent in June 2025 from 4.62 per cent in June 2024. Net NPAs also declined from 0.99 per cent in June 2024 to 0.75 per cent in June 2025. The provision coverage ratio (PCR), including written-off accounts, improved to 92.94 per cent in June 2025 from 92.11 per cent in June 2024. He said the resolution of loans from the stressed public sector undertaking (MTNL) is expected within three to six months. The bank's capital adequacy stood at 17.39 per cent, with Common Equity Tier-1 capital at 14.52 per cent at the end of June 2025. The bank has a comfortable equity capital base and currently has no plans for a fresh equity capital raise. However, the bank has board approval for debt capital of ₹5,000 crore, but there are no firm plans for capital raising at present.
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Business Standard
4 days ago
- Climate
- Business Standard
Mumbai floods: 20 years ago, brave men saved lives with limited equipment
On that day, Mumbai came to a standstill as an unprecedented 944 mm of rainfall within 24 hours, combined with high tides, triggered flash floods and landslides that claimed 450 lives Press Trust of India Mumbai Rescuing a woman with a child from a pillar and some Divyang individuals from a bus amid the Mithi river surge still sends shivers down the spine of retired Mumbai Fire Brigade chief Prabhat Rahangdale, even two decades after the July 26 deluge that paralysed Mumbai. On that day, Mumbai came to a standstill as an unprecedented 944 mm of rainfall within 24 hours, combined with high tides, triggered flash floods and landslides that claimed 450 lives. Rahangdale vividly recalls his team rescuing 300 people from areas within a 10-km radiusKurla West, BKC, and Kalinaby deploying kayaks and jet skis, typically reserved for adventure sports. "I've participated in thousands of rescue operations, but some incidents remain permanently etched in memory," he reminisced. At the time, the Fire Brigade and the city civic body lacked dedicated flood rescue teams, prompting Rahangdale to enlist personnel from an agency specialising in beach adventure activities. He and other officials travelled in a jeep to Kalanagar en route Bandra Kurla Complex via Sion circle, navigating water-logged roads and stranded vehicles. In hindsight, Rahangdale admits the huge risk he had undertaken. "Only three vehicles reached Kalanagar crossing that day. Looking back, I realise how dangerous it was. Fortunately, our jeep didn't break down. We witnessed other vehicles nearly submerged and waves rippling from our movement," he told PTI. Once they reached BKC's eastern side, the team established a command and control centre at the MTNL building before launching rescue efforts. The opposite bank of the Mithi River presented a grim scene. "A double-decker bus was almost entirely submerged in muddy water, with only the rooftop visible," he said. During the rescue preparations, Rahangdale heard a woman crying for help. She had managed to perch herself on a power feeder pillar, clutching a child on her shoulder. As the water level rose to her waist, the team knew that the time was running out. They immediately deployed a kayak and a jet ski and rescued the woman and the child. "She said she had been stranded at the LBS Road junction for 90 minutes. I still wonder how she climbed the pillar while holding a child, with water rushing from all directions, Rahangdale said. Not far from the spot, rescuers spotted a bus with 2025 people, including Divyang individuals and young girls, trapped in swirling waters. "We pulled them out through the rear emergency windows," he said. A rope was tied between two buses separated by 300 metres, allowing the stranded group to be transported, first to the rooftop of the double-decker bus via kayaks, and eventually to safety at the MTNL building. He cited the overwhelming force of upstream water as the biggest challenge during operations. "Rescuing that woman and the physically challenged individuals gave me an immense sense of satisfaction," he said. On July 27, rescue efforts shifted to the Air India Colony, where residents struggled for food and clean water amid the devastation. At the time, Mumbai had no formal flood rescue structure. "I was trained in search and rescue operations in collapsed structures, not floods. But luckily, I had completed a short course on flood rescue during a UN mission to Indonesia in 2004, and it proved invaluable, he explained. Now retired as Deputy Municipal Commissioner, Rahangdale reflects on the lessons from the 2005 floods that fundamentally reshaped Mumbai's disaster response systems. "After July 26, we formed flood rescue and beach safety teams, which saved several lives over the years," he added. He also led responses to other critical emergencies, including a terrorist attack on an iconic hotel and a submarine fire at the naval dockyard. "I was assigned the task of building a flood rescue team within six months. I trained 160 personnel in swimming, he recalled. So, what has changed over two decades? Rahangdale said Mumbai Fire Brigade is now equipped with boats, kayaks and jet skis to tackle urban floods. Additionally, beach safety teams were created, leading to a significant reduction in fatalities.
Time of India
4 days ago
- Business
- Time of India
ACC approves Robert Ravi's extension as CMD of BSNL, MTNL for 3 months
NEW DELHI: The Appointments Committee of the Cabinet (ACC) has approved the extension of Robert J Ravi 's additional charge as the chairman and managing director (CMD) of state-controlled telecom carriers Bharat Sanchar Nigam Limited ( BSNL ) and Mahanagar Telephone Nigam Limited ( MTNL ) for three months, from July 15, 2025, to October 10, 2025. '...the Appointments Committee of the Cabinet has approved the proposal of the Department of Telecommunications (DoT) for extension of the additional charge of the post of CMD, BSNL, along with CMD, MTNL and CMD, BBNL assigned to Shri Ravi A Robert Jerard, DDG, DoT, for a further period of three months w.e.f. 15.07.2025 till 14.10.2025,' the Ministry of Communications said in an official order dated July 25, 2025. During the period of holding the additional charge, Ravi will not be entitled to any additional remuneration. For the first time on July 13, 2024, Ravi was given the additional charge as CMD of BSNL and MTNL, following the rejection of PK Purwar 's extension. In January 2025, the telecom department (DoT) extended the additional charge given to Ravi for six more months. He was expected to get a further extension owing to the ongoing BharatNet phase 3 program. Till October 2024, under BharatNet Phase-I and Phase-II, 2.14-lakh village blocks were made service-ready. This was against the planned network of 2.22-lakh blocks in both phases. The Public Enterprise Selection Board (PESB) had not recommended any candidate for the post of CMD at state-owned BSNL, following an interview of 10 out of 12 shortlisted candidates, ETTelecom reported on March 28. 2025.
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Business Standard
18-07-2025
- Business
- Business Standard
MTNL stock at ₹51, risky or bargain buy? Here's what chart indicates
MTNL stock seems favourably placed on the short-term charts. Can the recent flow at the counter help it breakout on the long-term chart or will it falter? Here are the key levels to watch out for. Rex Cano Mumbai Listen to This Article Debt-laden Mahanagar Telephone Nigam Limited (MTNL) has been in news lately, with the state-run firm reportedly defaulting on the payment of principal and interest on loans amounting to ₹8,584.93 crore to state-run banks. The overdue amount to PSU banks - Union Bank, Bank of India, Punjab National Bank, SBI, UCO Bank, Punjab and Sind Bank and Indian Overseas Bank stands at ₹7,794.34 crore, and interest of ₹790.59 crore. READ MORE MTNL total debt stands at 34,484 crore, which also includes Sovereign Gold bonds worth ₹24,071 crore, and payment of interest (₹1,828 crore) on Gold
Business Upturn
17-07-2025
- Business
- Business Upturn
MTNL funds escrow account for bond interest payment due July 20
By Aditya Bhagchandani Published on July 17, 2025, 15:03 IST Mahanagar Telephone Nigam Limited (MTNL) on Thursday informed the exchanges that it has deposited funds in the designated escrow account to ensure timely payment of interest on its bonds due later this week. The payment pertains to the 4th semi-annual interest on MTNL's 7.59% Secured Redeemable Non-Convertible Bonds (Series VIII A, ISIN: INE153A08154), which is scheduled to be paid to bondholders on July 20, 2025. According to the filing, the company deposited the required amount in the escrow account maintained with Bank of India, New Delhi Main Branch, on July 17, 2025, well in advance of the due date. MTNL stated that this step ensures compliance with the payment obligations and upholds its commitment to bondholders. The disclosure was made under Regulation 30 of SEBI (LODR) Regulations, 2015. This proactive move comes as MTNL continues to meet its debt servicing obligations despite challenges in its core telecom business, underscoring the company's focus on maintaining investor confidence. Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Investments in bonds and securities are subject to market risks. Please conduct your own research or consult a qualified financial advisor before making any investment decisions. The author or publisher is not liable for any losses arising from the use of this information. Ahmedabad Plane Crash Aditya Bhagchandani serves as the Senior Editor and Writer at Business Upturn, where he leads coverage across the Business, Finance, Corporate, and Stock Market segments. With a keen eye for detail and a commitment to journalistic integrity, he not only contributes insightful articles but also oversees editorial direction for the reporting team.
