|VR Iyer, CMD|
PUBLIC sector bank, Bank of India, recorded an impressive net profit of over 105 percent in the second quarter of the current fiscal. The bank’s net profit improved from Rs 302 crore in the quarter ending September 2012 to Rs 622 crore in September quarter 2013.
The bank has done brisk business in the global arena as well. The global business increased from...Rs 593,073 crore in September of 2012 to Rs 6,74,808 crore in March 2013 which is an increase of 13.78 percent and to Rs 7,69,105 crore in September-13.(14 percent over March 13 and YoY is 29 percent). Its international business increased from Rs 1,45,802 crore in September-12 to Rs 1,76,705 crore in March-13 (21 percent) and to Rs 2,14,098 crore in September 2013. (21 percent over Mar-13 and YoY is 46 percent). At present, the bank has presence in 20 foreign countries spreading over five continents – with 53 offices including four subsidiaries, four representative offices and one joint venture, at key banking and financial centres like Tokyo, Singapore, Hong Kong, London, Jersey, Paris and New York.
The bank’s gross NPA ratio improves from 3.04 percent in June this year to 2.93 percent in September (3.42 percent in September-2012).
During the first six months of the current fiscal, Bank of India's distribution network at 4479 branches and 2905 ATMs records an increase of 187 branches and 772 ATMs over 4292 branches and 2133 ATMs as of March 31, 2013.
The bank looks forward to lay emphasis on six items including CASA (current and savings account) growth. A high CASA ratio means there is a higher portion of the bank's deposits coming from current and savings accounts, which are of low-cost money. After all, there is no interest paid on the current accounts, and the interest paid on savings account is quite low.
The bank has also initiated to expand its SME portfolio, strengthen its local and rural business, focus on credit monitoring and NPA recovery, inclusive growth through financial inclusion, progress in alternate delivery channels for better customer satisfaction and better attention on human resources.