The Hindu Business Line : Bank of America net up 35%

Bank of America has reported a net profit of Rs 195.5 crore for the year ended March 31, 2007, 35 per cent higher than the previous year. "The substantial improvement in net profit was a consequence of higher revenues, while costs were relatively contained thereby resulting in better earnings margins," said a press release.

The bank's revenues have increased 24 per cent to Rs 674.4 crore in 2006-07. The asset base of the bank increased to Rs 6,317.6 crore against Rs 5,965.6 crore. Banc of America Securities India, a subsidiary of Bank of America, reported a net profit of Rs 8.7 crore compared with Rs 7.1 crore in the previous year. On an aggregate basis, the bank's India business reported a net profit of Rs 204.2 crore, a growth of 35 per cent from the previous year.

More Stories on : Financial Performance | Foreign Banks

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

Stories in this Section
IndusInd Bank gets $50-m credit line from Wachovia Bank

Thomas Cook to focus on `organic growth'

On purchasing power parity, the rupee is undervalued substantially

Rupee sheds 12 paise

HSBC posts 64% rise in net profit

Bank of America net up 35%

IT spending highest in banking, insurance segment: Nasscom study

UTI Bank offering loans for Hyundai customers

UTI Bank defers capital raising plan

Vijaya Bank on recruitment spree

Bond prices up 30 paise

Punjab & Sind Bank chief wants board recast

Call rates close at 2.75-3.25%

`Reverse mortgage scheme will take time to gain acceptance'

Societe Generale eyes insurance market with jt venture plans