BoI Q1 profits down 31%

MUMBAI, JULY 29: The net profit of Bank of India (BoI) during the first quarter (April-June 1999) has declined by 31 per cent to Rs 61 cr...

MUMBAI, JULY 29: The net profit of Bank of India (BoI) during the first quarter (April-June 1999) has declined by 31 per cent to Rs 61 crore from Rs 87 crore during the same period last year.

The total income amounted to Rs 1,266 crore as against Rs 1,258 crore in the first quarter of last year, while the operating profit for the corresponding periods was Rs 121 crore and Rs 206 crore.

According to the figures released by the bank, the income from operations (interest earned) was Rs 1,139 crore (Rs 1,101 crore) while other income declined from Rs 157 crore in the first quarter last year to Rs 127 crore in the first three months of this year.

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The global deposits of the bank as on June 30, 1999 was at Rs 41,749 crore compared to Rs 37,992 crore last year. Global advances touched Rs 24,702 crore at the end of the first quarter this year against Rs 22,935 crore last fiscal.

This quarter the provisions made by the bank was lower at Rs 60 crore, compared to Rs 119 crore provisions made last year. In thefirst three months of the year, the bank introduced prime term lending rates for different loan maturities while it has also lowered its deposit rates in order to bring down its funds cost. This would help in increasing the spreads and ensure higher profits in the remaining part of the year, BoI said.

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