Bank of India net drops 67%

BS 200 SCORECARD

With a heavy plunge in profit from sale of investments, Bank of India declared a 67 per cent fall in net profit to Rs 75.03 crore for the third quarter ended December 31, 2004 down from Rs 228.54 in the corresponding period of the previous year.

For the nine months, the net profit fell by 56 per cent to Rs 287.3 crore (Rs 659 crore). Other income plummeted by 38 per cent to Rs 233.42 crore (Rs 378.85 crore). Net interest income "" income from core banking business "" grew marginally by 3 per cent to Rs 619 crore (Rs 595.57 crore).

Total income fell to Rs 1,743.3 crore (Rs 1,862 crore) and total expenditure rose to Rs 1,362.5 crore (Rs 1,323.6 crore). In Q3, the bank made a Rs 34 crore pro-rata amortisation of voluntary retirement scheme expenditure in accordance with RBI guidelines.

Provisions and contingencies were Rs 268.4 crore (Rs 201.5 crore), of which provisions for bad loans were Rs 99.9 crore (Rs 150.55 crore). The capital adequacy ratio of the bank was Rs 11.90 per cent, while the net NPA to total advances were 3.85 per cent.