Financial Daily from THE HINDU group of publications
Wednesday, Apr 28, 2004
Financial Daily from THE HINDU group of publications Wednesday, Apr 28, 2004 |
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Corporate Results
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Private Banks Money & Banking - Private Banks Bharat Overseas PAT up 23 pc; dividend at 18 pc Our Bureau
Chennai , April 27 BHARAT Overseas Bank on Tuesday announced a profit after tax of Rs 35.08 crore for the financial year 2003-04, an increase of 23 per cent over the previous year. The bank announced a dividend of 18 per cent (shares with face value Rs 100) for the year. Mr G. Krishna Murthy, Chairman & CEO, announcing the results at a press conference, said the bank's focus in the current financial year would be retail banking. The bank plans to increase the proportion of retail loans (defined by BOB as loans up to Rs 3 crore) from 40 per cent to 60 per cent of advances in a couple of years, said Mr Krishna Murthy. The total business volume (advances and deposits) in 2003-04 was Rs 3,900 crore, higher by 17 per cent. Gross advances, by itself, grew by 20 per cent to stand at Rs 1,428 crore. The bank's net NPA for 2003-04 was 2.26 per cent (3.31 per cent).
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