BoI net profit increases to Rs 119 crore in Q1

MUMBAI, July 29: Bank of India has recorded a net profit of Rs 119 crore during first quarter (Q1) of the year 1998-99. The nationalised ...

MUMBAI, July 29: Bank of India has recorded a net profit of Rs 119 crore during first quarter (Q1) of the year 1998-99. The nationalised bank — which had recorded a marginal rise in its net profit by about one per cent during 1997-98 – has posted 21 per cent rise in the operating profit to Rs 206 crore during the period. It had recorded Rs 170 crore of operating profit during the first quater of the 1997-98.

BoI’s provision during the first quarter of the current fiscal is pegged at Rs 119 crore. The bank’s working results for the quarter have been arrived at after considering estimated provisions for non-performing assets and depreciation on investments at the year-end YTM declared for the year March 1998.

Speaking to The Indian Express, a top BoI official of said that the bank has to pay higher taxes during the current year as the concession under MAT has been removed. There is not much change in the provisioning towards non-performing assets, he said. The interest income of the bank has gone upbny 15.16 per cent to Rs 1101 crore from Rs 956 crore during the period. The other income of the bank has gone up by 25.60 per cent to Rs 157 crore from Rs 1256 crore during the period.

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The bank’s domestic advances has marginally declined to Rs 16891 crore at June-end 1998 recording a negative growth rate of 0.75 per cent over March end 1998. The banking system has recorded a 1.58 per cent negative growth in credit during the first quarter of 1998-99.

BoI’s domestic aggregate deposits registered a higher growth rate of 2.57 per cent over March 1998 reaching Rs 31,258 crore at in June as against 0.89 per cent growth during the corresponding quarter of the previous year.

The bank’s capital adequacy ratio as on March 1998 stood at 9.11 per cent.

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