The Hindu Business Line : BoI records highest credit deposit ratio

Bangalore April 26 Bank of India's Karnataka zone recorded one of the country's highest credit deposit ratio at 130 per cent for the year ended March 31, 2007, said Mr A.A. Badshah, Zonal Manager, Bank of India.

Advances grew by 39 per cent to Rs 2,768 crore and deposits by 27 per cent to Rs 2,126 crore. The net NPA ratio went down to 0.61 per cent from 2.41 per cent during the previous year. The priority sector advances for the year was up 23 per cent at Rs 1,090 crore. The credit SME segment stood at Rs 895 crore, up 36 per cent. The direct agricultural credit grew by 52 per cent to Rs 287 crore; retail credit by 46 per cent to Rs 621 crore; and export credit to 33 per cent.

The bank hoped that the current year would grow in advances by 25-30 per cent, deposits by 25 per cent and the aggregate business to cross Rs 6,000 crore.

Operating profits increased by 67 per cent to Rs 117 crore; net profit was up 36 per cent to Rs 83 crore. According to Mr Badshah, the aggregate business grew at 34 per cent to Rs 4,900 crore.

The bank opened five new branches during 2006-07, taking the total number of branches in Karnataka to 72.

initiatives

Bringing technology to the rural areas, 165 e-grama centres have been opened during the year and 1,000 more would be opened by March 2008. `Star Vidya Cards' for students have been introduced in various colleges across Karnataka, enabling easy payment of their education-related expenses like tuition fees. Parents can transfer up to Rs 25,000 electronically to the student's account without any charges, Mr Badshah said.

More Stories on : Credit Market | Public Sector Banks | Karnataka

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