Bank of India Vizag achieves 27% growth

The Visakhapatnam zone of Bank of India (BoI), spread across seven districts with 46 branches, registered a growth of 27 per cent at Rs 1,384 crore in the financial year ended March 2006.

Aggregate deposits increased by 13 per cent while the total credit was up by 36 per cent. Of the total credit, the priority sector credit saw an increase of 28 per cent and the retail lending was up by 42 per cent, according to a bank's press release here on Wednesday.

"Not only have our non-performing assets (NPAs) during 2005-06 come down by Rs 22 crore, but also the zone has achieved a net profit of Rs 41 crore," D V S K Murthy, zonal manager of the bank, said in the release.

The bank has computerised all its branches in the zone. Of the 46 branches, 26 have already been networked to provide SMS and anywhere banking services, tele-banking and Internet banking, he said.

Four branches have already come under the core banking solution (CBS) and another eight will come under it by the end of May at Visakhapatnam, Guntur, Vijayawada, Kakinada, Rajahmundry, Tadepalligudem, Anakapalli and Vizianagaram.

Murthy said that during the current financial year, the Vizag zone aimed at 30 per cent growth in total business. It had plans to distribute Rs 180 crore to the agricultural sector, Rs 100 crore to the retail sector and Rs 70 crore to small and medium enterprises.