Boi Net Seen 45% Up Despite Scam Impact

Bank of India (BoI) is set to post a around 45 per cent growth in its net profit for the year ended March 31, 2001, despite huge provisioning on account of its involvement Rs 137 crore pay order scam, a Rs 5 crore bullion scam in Ahmedabad and a voluntary retirement scheme (VRS) which has witnessed an outgo of Rs 850 crore.

The bank has reportedly effected a spectacular recovery of Rs 350 crore from its stock of non-performing assets (NPAs) in 2000-01. NPAs as on March 31, 2000 stood at Rs 3,464 crore. In percentage terms, the net NPA has gone down from 8 per cent to 6 per cent.

Bank of India chairman KV Krishnamurthy refused to speak on the issue saying