• Investment World
• eWorld
• Brand Line
• Mentor
• Life
• Canvas
• Praxis
• Urban Pulse
• Brand Quest
• The New Manager

Stocks

• Quotes
• SE Diary
• Scoreboard
• Open-End Mutual Fund

Cross Currency

• Rates
  
  

Shipping

• Ports
  
  

Archives

• Yesterday
• Datewise
• Resources
• In Focus
• In Depth

Group Sites

• The Hindu
• The Hindu ePaper
• Business Line
• Business Line ePaper
• Sportstar
• Frontline
• The Hindu eBooks
• The Hindu Images

Our Bureau

Advertisement

Chennai Jan. 25 After Bank of India introduced core banking software, many employees became redundant.

The bank redeployed about 1,200 of them into marketing. Since mid-2005, these employees have been seeking low cost deposits. It was chiefly due to this that the bank was able to outperform the industry with a 78 per cent growth in net profit for the third quarter of the current year. (The bank's net profit grew to Rs 254 crore from Rs 143 crore in the corresponding quarter of last year.)

At a press conference here on Thursday, BOI's Chairman and Managing Director, Mr M Balachandran, said that current account deposits grew 32 per cent during the quarter. This kept the cost of funds under control. Further, the bank had been very selective about credit expansion in 2005-06, when advances grew 23 per cent, lower than the industry average.

More Stories on : Human Resources | Public Sector Banks | Marketing

Article E-Mail :: Comment :: Syndication :: Printer Friendly Page

Stories in this Section
The dragon's trillion

Copyright © 2007, 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