Boi Q1 Net Rockets 82%

Bank of India (BoI) has reported an 82 per cent jump in its net profit to Rs 120.38 crore in the first quarter ended June 30, 2001, compared with Rs 66.07 crore in the corresponding quarter of the previous fiscal.

The interest earned by the bank was up by 20.51 per cent to Rs 1,332.63 crore (Rs 1,105.80 crore), while other income rose by 33.42 per cent to Rs 199 crore (Rs 149.15 crore). Total income grew by 13.88 per cent to Rs 1,531.69 crore (Rs 1,344.95 crore).

During the quarter, the interest expended by the bank was up by 7.84 per cent to Rs 921.11 crore (Rs 854.14 crore), while the operating expenses moved up marginally by 1.50 per cent to Rs 370.22 crore (Rs 364.74 crore).

Total expenditure of the bank rose by 6.11 per cent to Rs 1,291.33 crore (Rs 1,218.88 crore). The bank's operating profit rose by 90 per cent to Rs 240.36 crore (Rs 126.07 crore).

While other provisions and contingencies of the bank stood at Rs 69.96 crore (Rs 45 crore), the provision for taxes was up at Rs 50 crore (Rs 15 crore). The bank has absorbed voluntary retirement scheme costs of Rs 40 crore in the first quarter.

Global deposits of the bank during the quarter grew by 8.56 per cent to Rs 52,178 crore (Indian: Rs 42,496 crore and foreign : Rs 9,682 crore), compared with Rs 48,065 crore (Indian: Rs 38,858 crore and foreign: Rs 9,207 crore) in the corresponding quarter of the previous fiscal.

The bank's global advances during the quarter rose by 14.54 per cent to Rs 32,856 crore (Indian: Rs 24,847 crore and foreign: Rs 8,009 crore), compared with Rs 28,684 crore (Indian: Rs 21,350 crore and foreign: Rs 7,334 crore) in the corresponding quarter of the previous fiscal.