The Hindu Business Line : Bank of Rajasthan Q4 net loss lower at Rs 12.09 crore

BANK of Rajasthan has reported a lower net loss of Rs 12.09 crore for the fourth quarter of 2004/2005 against a net loss of Rs 22.13 crore in the year-ago period.

The loss was attributed to the fact that the bank had made provisions towards employees wage benefits and extra floating provisions for non-performing assets as well as depreciation on government securities.

During the fourth quarter, the bank earned an interest income of Rs 138.49 crore, as compared to Rs 128.92 crore in the corresponding quarter last year.

The bank's board has recommended a dividend of 11 per cent.

For the full year, the bank saw a fall of 49.28 per cent in its net profit to Rs 35.01 crore from Rs 69.03 crore last year. For the full year, the bank made provisions toward employees wage benefits worth Rs 27 crore and extra floating provisions for NPA coupled with depreciation of Rs 66 crore on Government Securities.

Net interest income for 2004-05 was of Rs 522.35 crore (Rs 502.85 crore).

Net advances grew to Rs 2,896.17 crore (Rs 2,332.58 crore) and deposits grew to Rs 8,120.31 crore (Rs 7,638.93 crore).

Capital adequacy ratio is 12.75 per cent (11.18 per cent). Net NPAs is 2.50 per cent (2.99 per cent).

Mr Pravin Kumar Tayal, Chairman, Bank of Rajasthan, said that in 2005-06 the bank would look to increasing both corporate and retail lending, thereby balancing treasury exposure.

Mr B.M. Sharma, Managing Director, said that the bank was looking to open 40 new offices all over the country, thereby, taking the total number of offices to 500.

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