Bank of India’s Q1 consolidated net profit surges to Rs 846 cr

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Mumbai, Aug 3 | Bank of India on Monday reported over five-fold increase in its consolidated net profit for the April-June quarter at Rs 845.78 crore.

During the corresponding period of the last fiscal (2019-20), the bank had reported a consolidated net profit of Rs 154.10 crore.

Total income of the bank during the period under review increased to Rs 12,022.48 crore from Rs 11,613.21 crore reported a year ago, Bank of India said in a regulatory filing.

Percentage of gross NPA of the banks declined to 13.86 per cent during the quarter ended June of FY2020-21, from 16.44 per cent in the same quarter last of last fiscal.

The filing said that Covid-19 continues to spread across many countries and in India and the same has resulted in significant volatility and decline in the global and local economic activities.

The situation continues to be uncertain and the bank is evaluating the situation on an ongoing basis. The major challenge for the bank would arise from volatility in cash flows, Bank of India said.

“Despite these events and conditions, there would not be any significant impact on banks results in future and on the going concern assumption,” it said.

In the current quarter ended June 30, 2020 as a matter of prudence the bank has made a provision of Rs 620.30 crore in SMA (special mention accounts) accounts wherein moratorium due to Covid-19 pandemic was extended.

The total provision of Rs 1,034.78 crore is held by bank as on June 30, 2020. The provision made by the bank is higher than requirement as per the RBI guidelines dated April 17, 2020, it said.

“As per RBI circular dated June 7, 2019 on Prudential Framework for Resolution of Stressed Assets, as on June 30, 2020, the bank holds additional provision of Rs 271.72 crore (for Current quarter NIL) in respect of four borrower accounts, where the viable Resolution Plan has not been implemented within 180 days of review period,” it said.

In respect of RBI referred NCLT accounts, as on June 30, it holds 100 per cent provision of the outstanding value of Rs 3,840.22 crore.

Source: IANS

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Policybazaar Unveils its new brand campaign "AapKiSideHai"

Policybazaar Unveils its new brand campaign

Akshay Kumar delivers the brand’s promise of always being on the customer’s side

Gurugram, 19th Sept, 2020: Policybazaar.com (Twitter handle: PolicyBazaar), India’s largest online insurance marketplace with over 10 million customers, showcases its commitment to customers in its new television campaign “AapKiSideHai”. The new ad campaign featuring Policybazaar brand ambassador, Akshay Kumar, highlights the brand’s promise of embracing a holistic customer centric approach while helping to bridge the insurance protection gap in India.

Policybazaar’sAapKiSideHai campaign seeks to reassure its customers on being a dependable Insurance partner for them, every step of the way. The brand has always focused on distributing products like term insurance, health insurance, zero commission ULIP’s and motor insurance that are optimal from a customer perspective. Policybazaar is now extending the brand promise beyond the purchase experience to ensure that consumers get the highest levels of service throughout the policy lifecycle.

The new brand campaign reinforces Policybazaar core value of putting the customer first by delivering on its promise of providing a trusted platform for all types of insurance products. The brand is committed to guiding the customer throughout the insurance journey, starting from recommending the right products at affordable pricing, ensuring thatthe policy issuance process is smooth and fast, and, to providing services and claims assistance when needed.

“While we continue to highlight the importance of Health & Term life Insurance through our marketing campaigns, with the brand promise of Policybazaar AapKiSideHai, we also intend to position Policybazaar as a customer centric brand, that is committed to stand by its customers, both pre and post purchase”, said Samir Sethi, Head of Brand Marketing, Policybazaar.com. The new ad series highlights Policybazaar’s unparalleled support to customers, while providing them with the ease of comparing and buying term and health plans online with guidance at each & every step.

Speaking about the TVC launch, Sharat Dhall, Chief Operating Officer, Policybazaar.com said, “Our ultimate aim is to provide 360-degree assistance to customers that starts from when the policy is bought, to provide assistance when the claim is paid out, should such a situation arise. Winning and maintaining customer trust is a strong ethos within the company and this campaign reflects that. At a time when the world is grappling with a crisis like no other, the brand intends to instill confidence in the customers’ buying decisions by assuring them protection of their futures with the right insurance products & thorough assistance throughout the journey.”

The new brand campaign in its series displays moments of indecision that people may have while investing in protection products. It addresses these queries &emphasizes the importance of nurturing a bond with the consumers thereby creating customer delight.

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