Infomerics Valuation & Rating said that the reaffirmation of ratings assigned to the Basel III Compliant Tier II Bonds of Bank of India takes into consideration the sovereign ownership with continued support, BOI's established and well spread market reach, adequate capitalisation, and its healthy resource profile.

Further, the rating also considers a healthy provision coverage ratio of the Bank. However, the ratings are constrained by a moderate albeit improving asset quality.

Bank of India occupies a premier position among the nationalized banks. The bank has over 5100 branches in India spread over all states/ union territories including specialized branches. The Government of India held 81.41% stake in the bank as on 30 June 2023.

The state-run bank reported 176.2% surge in net profit of Rs 1,551.07 crore in Q1 FY24 as compared with Rs 561.49 crore in Q1 FY23. Total income jumped 42.2% to Rs 15,821.08 crore in the quarter ended 30 June 2023 as compared with Rs 11,124.36 crore posted in corresponding quarter last year.