Financial Daily from THE HINDU group of publications
Saturday, Oct 29, 2005
Financial Daily from THE HINDU group of publications Saturday, Oct 29, 2005 |
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Corporate Results
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Public Sector Banks Money & Banking - Financial Performance Bank of India Q2 net up 167 pc on higher income Our Bureau
Mumbai , Oct 28 HIGHER income has enabled Bank of India to report a 166.81 per cent rise in net profit at Rs 132.18 crore for the quarter ended September 30, 2005 against Rs 49.54 crore last year. The profit for the corresponding previous quarter was lower on account of provisioning made for trading losses in government securities. Total income was at Rs 1,964.51 crore (Rs 1,781.74 crore). Other income increased to Rs 303.12 crore (Rs 259.76 crore). Total expenditure increased to Rs 1,634.41 crore (1,390.55 crore). Capital adequacy ratio was 11.4 per cent (13.05 per cent). Yield on advances increased to 7.36 per cent from 7.05 per cent. According to an official, the bank expects to do better in the coming quarter as both interest income and fee income are expected to go up. The ratio of NPA declined to 2.23 per cent (4.17 per cent). Global deposits grew to Rs 85,856 crore (Rs 75,637 crore), an increase of 13.51 per cent. Total advances increased by 20.6 per cent to touch Rs 61,141 crore (Rs 50,698 crore). Shares of low cost deposits (current account and savings account) improved to 40.61 per cent (38.62 per cent). For the six months ended September 30, 2005, BoI reported net profit of Rs 303.92 crore, an increase of 43.2 per cent. Net interest income increased by 0.31 per cent and fee-based income increased by 16.44 per cent. Retail credit recorded a healthy growth of 28.69 per cent on year on-year basis and reached Rs 11,859 crore from Rs 9,215 crore. The bank's overseas business accounts for 20 per cent of its business. The bank has set up a hub at Singapore to network all foreign branches. Shares of Bank of India closed at Rs 102.30 on the BSE, an increase of 1.19 per cent from Rs 101.10.
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