Bank Of India's Gross Advances Rise 17.3% In June Quarter

The state-owned Bank of India's gross advances increased 17.3% on a yearly basis to Rs 4.3 lakh crore in the April–June quarter, according to provisional figures released by the bank on Monday in its business update.

The bank's total business rose 11.94% year-on-year to Rs 12.14 lakh crore in the quarter-ended June, according to an exchange filing. The bank reported an advance of 15.7% in total deposits to Rs 5.18 lakh crore in the first quarter.

On June 10, the bank announced that it has acquired 6.13% stake in the newly incorporated CCIL IFSC, which is listed in the GIFT SEZ.

Shares of Bank of India closed 0.37% higher on Monday at Rs 120.90 apiece, as compared to a 0.05% decline in the BSE Sensex.