Saturday, Apr 23, 2005
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CHENNAI: Bharat Overseas Bank today reported a lower net profit of Rs. 20.05 crores for 2004-05, down from Rs.35.08 crores. The Chairman of the bank, G. Krishna Murthy, attributed the lower net profit to higher provisions and contingences, which had gone up to Rs. 34.27 crores from Rs. 21.75 crores in the preceding year. The operating profit for the year under review was Rs. 54.32 crores, down from Rs. 56.83 crores in the previous year. The decline in operating profit, he said, was primarily due to the hit the bank had taken on its treasury operations. Deposits had grown to Rs. 2749 crores (Rs. 2472 crores). The total business of the bank stood at Rs. 4,429 crores, up by 14 per cent over the previous year.
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