Bank of India with strong fundamentals and reduction in NPAs seems to be fully prepared for challenges of open market.
Bank of India is one of the leading public sector banks having its presence in all-important financial centers. The bank plans to become a `Bank of choice' in all segments by blending commercial aspect and development needs of the society. Presently, it has 2,529 branches in India.
While operating profit of the bank increased by 82.90% to Rs. 1, 412 cr for the year ended March 31, 2002, net profit has doubled to Rs. 505 cr, an impressive 100.58% growth. Though the deposit base went up by Rs. 8,000 cr during the year, a growth of 15.54%, the advances of the bank grew by 18.77 % higher than the industry average of 15.15%. The SLR (Statutory Liquidity Ratio) and non-SLR investments recorded a growth of 15.61% and 3.44% respectively.
As against the mandatory requirement of 9%, the capital adequacy ratio of the bank stands at 10.68% as on March 31, 2002. The ratio of operating expenses to average working funds has also come down to 2.35% for the year ended 2002 from 3% last year. The ratio of return on assets has recorded a huge growth of almost 100% to 1.06% from 0.55% in the previous year. The ratio of staff cost to average assets dropped to 1.67% during the same period from 2.30% in the previous period. This is a direct consequence of the VRS scheme. |
