Financial Daily from THE HINDU group of publications
Saturday, May 22, 2004
Financial Daily from THE HINDU group of publications Saturday, May 22, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks BoI fourth quarter profit rises 24 pc; to pay 20 pc Our Bureau
Mumbai , May 21 BANK of India (BoI) has recorded a 23.56 per cent growth in net profit for the fourth quarter ended March 31, 2004, at Rs 349.10 crore, as against a net profit of Rs 282.53 crore in the same period last year. After obtaining special permission from the Reserve Bank of India, BoI's board has recommended a final dividend of 10 per cent, taking the total to 20 per cent for the year under review, said Mr M. Venugopalan, Chairman and Managing Director, at a press conference here on Friday. Total income of the bank during this period was at Rs 2,059.09 crore (Rs 2,155.31 crore). This is inclusive of interest expended at Rs 901.62 crore (Rs 995.35 crore) and other income at Rs 558.50 crore (Rs 620.44 crore). Total expenditure was at Rs 1,375.67 crore (Rs 1,436.07 crore). The bank has reported an 18.5 per cent rise in net profit at Rs 1,008.32 crore for the fiscal ended March 31, 2004, compared with Rs 851 crore posted in the previous financial year. BoI has ploughed back Rs 843 crore into reserves, which stood at Rs 3,521 crore at end-March 2004. Recently, the London High Court directed the bank to pay around $82 million (around Rs 370 crore) in compensation over alleged fraudulent transactions with the collapsed Bank of Credit and Commerce International (BCCI), in the mid eighties. Towards this end, BoI has taken RBI's permission and made a provision of Rs 364.64 crore and the same had been adjusted against the accumulated balance in revenue and other reserves, said Mr Venugopalan. An appeal had been filed against the order and the outcome was expected by the year-end, he added. Deposits during the financial year ended March 31, 2004 rose by 10.8 per cent at Rs 71,003 crore (Rs 64,098 crore), while net advances were up at Rs 45,856 crore (Rs 42,536 crore). The bank made cash recoveries to the tune of Rs 568 crore which aided in bringing down the net non-performing assets to 4.5 per cent from 5.59 per cent.
More Stories on : Financial Performance | Public Sector Banks
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