Bank of India K'taka zone net up 36%

The Karnataka zone of Bank of India registered 36 per cent rise in net profit at Rs 83 crore in the fiscal ended March 31, 2007, compared with the previous financial year. Operating profits were up 67 per cent to Rs 117 crore.

The bank's total business increased 34 per cent to Rs 4,900 crore.

While deposits grew 27 per cent to Rs 2,126 crore, advances went up 39 per cent to Rs 2,768 crore, deputy general manager, A A Badshah told reporters, here on Thursday.

The bank's priority sector advances in the state rose 23 per cent to Rs 1,090 crore and its credit to the SME sector stood at Rs 895 crore, an increase of 36 per cent over the previous fiscal.

The bank advanced Rs 287 crore to the agriculture sector, a growth of 52 per cent over last fiscal. Its retail credit grew 46 per cent to Rs 621 crore, he said.

The bank has 72 branches in Karnataka, of which 47 branches have been brought under the core banking solutions.

For the fiscal 2007-08, the bank has set a target of 30 per cent growth in advances and 26 per cent growth in deposits.