Shares of Bank of India touched a day high of Rs 145.45 on the NSE Thursday, after strong Q1 loan growth topped deposits.

A business update is essentially a quick preview banks put out before their full quarterly results arrive. It shows how much money the bank lent out and how much it gathered as deposits over the quarter.

Bank of India numbers looked strong almost everywhere, with most figures up somewhere between 10% and 20% from a year ago. Total global business, loans and deposits put together, grew 16.58% to Rs 17.55 lakh crore.

Loans carried most of that growth. Global advances rose 18.64% to Rs 7.97 lakh crore, and domestic advances, the loans given out within India, grew even quicker at 19.12%, touching Rs 6.73 lakh crore.

Deposits went up as well, just at a slower clip. Global deposits climbed 14.92% to Rs 9.58 lakh crore, while domestic deposits rose 16.17% to Rs 8.25 lakh crore.

Loans outpacing deposits generally points to healthy credit demand, though it also means the bank will need to keep pulling in fresh deposits to fund that lending without costs creeping up.

One part of the loan book stood out. Retail, agriculture and small business loans, grouped together as the RAM segment, grew 19.69% to Rs 3.92 lakh crore, spread across a wide base of borrowers rather than a few large corporate accounts.

The quarter also ran ahead of the bank’s own targets. Management had earlier guided for advances growing 15% to 16% and deposits growing 13% to 14% for the full year, and this quarter has already outpaced both.

At 14:38 pm, the Bank of India is trading at Rs 144.55, up 2.05% on the day, against Wednesday’s close of Rs 141.64.

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