Business   

Bank of India profit up

By Our Corporate Reporter

CHENNAI, MAY 22. Bank of India has achieved a net profit at Rs. 1,008.32 crores for the fiscal ended March 31, 2004 against Rs. 851 crores in the previous year, an increase of 18.5 per cent. The board has recommended a final dividend of 10 per cent, taking the total to 30 per cent for the year under review, M. Venugopalan, chairman and managing director said here. Total income has risen to Rs. 7,587.89 crores from Rs. 7,570.59 crores in 2002-03.

M. Venugopalan said during the year, a U.K. court awarded compensation of $43 million with interest to the liquidators of BCCI in respect of certain transactions of earlier years (1981-86) entered in the normal course of business at London and Cayman Islands branches. BoI has taken Reserve Bank of India's permission and made a provision of Rs. 364.64 crores and the same has been adjusted against the accumulated balance in revenue and other reserves. An appeal has been filed against the order and the outcome is expected by the year-end, he added. Deposits have risen to Rs. 71,003 crores from Rs. 64,098 crores while net advances were higher at Rs. 45,856 crores against Rs. 42,536 crores.

Central Bank

Central Bank of India has reported a sharp rise in its net profit at Rs. 618.11 crores for the fiscal ended March 31, 2004, against Rs. 305.52 crores in the previous financial year. Total deposits of the bank rose by 9.27 per cent to Rs. 55,909 crores (Rs. 51,165 crores), the bank said in a release here.

Gross advances were higher by 2.89 per cent at Rs. 24,632 crores (Rs. 23,941 crores) while net advances grew by 2.48 per cent to Rs. 22,804 crores (Rs. 22,252 crores), it said.

The net non-performing assets as a percentage of net advances stood at 5.57 per cent (Rs. 1,271 crores) against 7.02 per cent (Rs. 1,562 crores).

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous |
Advts: Classifieds | Employment | Updates: Breaking News |

Stories in this Section

• Chambers greet Manmohan and his Government
• ICICI Bank maintains dividend at 75 p.c.
• GNFC net profit up
• Bank of India profit up
• Tata Sponge's plans
• Forex reserves up at $118.62 b
• Sirpur Paper Mills' expansion programme

Copyright © 2004, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu