The Hindu Business Line : BoI net up 16%; to pay 20 pc interim

BANK of India has recorded a 16.07 per cent growth in net profit at Rs 228.54 crore for the quarter ended December 31 last as against a net profit of Rs 196.89 during the corresponding quarter of the previous year.

The bank's board has declared a 20 per cent interim dividend for the current fiscal, subject to approval of Reserve Bank of India, said Mr M.Venugopalan, Chairman and Managing Director, BOI, addressing a press conference on Thursday.

For the third quarter of the current fiscal, the total income of the bank rose to Rs 1,862.05 crore (Rs 1,847.72 crore). This includes interest earned at Rs 1,483.20 crore (Rs 1,468.25 crore) and other income at Rs 378.85 crore (Rs 379.47 crore).

Total expenditure was at Rs 1,323.60 crore (Rs 1,380.71 crore).

For the nine months of the fiscal, the bank's net profit and total income grew to Rs 659.22 crore (Rs 568.47 crore) and Rs 5,528.8 crore (Rs 5,415.28 crore) respectively.

Total deposits of the bank as on December end were at Rs 68,836 crore (Rs 62,615 crore) and gross advances rose to Rs 45,422 crore (Rs 43,784 crore).

Retail credit stoodt at Rs 6,965 crore at December end 2003, which is 21.47 per cent of the total non-food credit of the bank, compared to 20.23 per cent at March-end 2003, according to bank officials. Non-food credit of the bank (domestic) increased by Rs 2,580 crore on a year on year basis.

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