Financial Daily from THE HINDU group of publications
Saturday, Apr 30, 2005
Financial Daily from THE HINDU group of publications Saturday, Apr 30, 2005 |
|
|
|
|
|
Money & Banking
-
Financial Performance Corporate Results - Public Sector Banks Bank of India fourth quarter net drops 85 pc to Rs 53 cr Our Bureau
Mumbai , April 29 A decline in the profits from sale of investments and higher provisioning has resulted in Bank of India's net profit dropping by 85 per cent to Rs 52.79 crore for the fourth quarter ended March 31, 2005, against Rs 349.10 crore in the corresponding period, the previous year. The board has declared a final dividend of 10 per cent in addition to the interim dividend of 10 per cent paid earlier taking the total dividend for the year 20 per cent. "Last year, we had a bumper profit from the sale of securities, this year that is not the case. We wanted to make the balance-sheet stronger by providing for all that is possible," said Mr M. Venugopalan, Chairman and Managing Director, at a press conference. Mr Venugopalan said that during the current fiscal, the bank has de-risked its portfolio by transferring securities worth Rs 13,598 crore to held-to-maturity category. On this the bank took a hit of Rs 528 crore. During the fourth quarter, the treasury profits dipped to Rs 89.50 crore (Rs 392.38 crore). Total income fell to Rs 1,978.65 crore (Rs 2,059.09 crore). This comprised interest earned which was at Rs 1,591.04 crore (Rs 1,470.59 crore) and other income at Rs 387.61 crore (Rs 588.50 crore). Total expenditure was at Rs 1,650.94 crore (Rs 1,375.67 crore). This is inclusive of interest expended at Rs 1,978.65 crore (Rs 2,059.09 crore) and operating expenses at Rs 543.57 crore (Rs 474.05 crore). Provisions and contingencies were higher at Rs 299.43 crore (Rs 214.53 crore). Gross non-performing assets of the bank were at Rs 3,155.91 crore (Rs 3,734.02 crore). Net non-performing assets of the bank were at Rs 1,554.28 crore (Rs 2,061.57 crore). "The bank will raise the first tranche of its $ 1 billion, MTN programme in the next three months. To start with the bank will raise $ 300 million," said Mr Venugopalan. Mr Venugopalan will be superannuating as Chairman and Managing Director of the bank on April 30.
Article E-Mail :: Comment :: Syndication :: Printer Friendly Page
|
Stories in this Section |
|
The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |
Copyright © 2005, The
Hindu Business Line. Republication or redissemination of the contents of
this screen are expressly prohibited without the written consent of
The Hindu Business Line
|