Business Daily from THE HINDU group of publications
Monday, Jul 10, 2006
Business Daily from THE HINDU group of publications Monday, Jul 10, 2006 |
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Money & Banking
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Public Sector Banks Bank of Baroda looking for partner to enter insurance sector Our Bureau
Future plans To expand core-banking solution Plans centenary celebrations next year To open branches in 10 more countries
DR ANIL K. KHANDELWAL
Ahmedabad , July 9 Bank of Baroda (BoB) has declared a dividend of 50 per cent to its shareholders and has decided to set up its own insurance company to mark its centenary next year, with the aim of doubling its total business in the next three to four years. The bank, which registered a net profit of 22.18 per cent in the last financial year, is now looking for a partner to enter the insurance sector. Addressing the 10th annual general meeting (AGM) of shareholders held at Vadodra recently, the CMD of BoB, Dr Anil K. Khandelwal, described the financial year 2005-06 as "momentous" for business. He said the bank would expand its core-banking solution from the present 200 branches to nearly 900 branches, including overseas, next year. He said the bank, founded 99 years ago by the then Maharaja of Baroda, Sir Sayajirao Gaekwad, would celebrate its centenary next year. For this, a Celebrations Committee has been constituted. In order to capitalise on the economic growth of Gujarat, which contributes 23 per cent of total business of BoB, the bank has chalked out another 10-point programme to increase the figure to 30 per cent by re-organising bank programmes and priorities. Dr Khandelwal said BoB's total business in 2005-06 increased by 23.12 per cent, from Rs 1,24,734 crore to Rs 1,53,574 crore (including deposits and advances). Its credit-deposit ratio increased by 67.15 per cent while its net profit went up by 22.18 per cent to Rs 826.95 crore. The bank plans to open branches in 10 more countries, including Singapore, West Indies and Ghana, in the next one year. Global business constitutes 16 per cent of total business and 26 per cent of its net profit, he added.
More Stories on : Public Sector Banks | Insurance
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