Financial Daily from THE HINDU group of publications
Tuesday, Jun 28, 2005
Financial Daily from THE HINDU group of publications Tuesday, Jun 28, 2005 |
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Corporate Results
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Foreign Banks Bank of America Indian operations net up 25 pc Our Bureau
Mumbai , June 27 THE Indian operations of Bank of America recorded a net profit of Rs 80.5 crore for the year ended March 2005 thanks to higher net interest revenue and treasury income, according to a bank release. This is an increase of 25 per cent over the previous year's figure of Rs 64.2 crore. Net interest revenue increased by 10 per cent, while non-interest revenue grew by 46 per cent. Return on assets increased to 1.46 per cent (1.26 per cent), while profit per employee increased from Rs 24.1 lakh (Rs 29.5 lakh). Bank of America has nil net NPAs, indicating the excellent quality of its loan portfolio, the release added. The capital adequacy ratio increased from 22.9 per cent to 30 per cent following a capital infusion of Rs 657 crore during the year under review. The release quoted Mr Vishwar Ahuja, Managing Director and Country Head, as saying: "Bank of America is committed to India as a key growth market in Asia."
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