Bank of Rajasthan improves performance

The Bank of Rajasthan's financial performance has improved significantly in the five years ended March 31, 2004. Its net profit in 2003-04 stood at Rs 69 crore, compared with a loss of Rs 67.46 crore in 1998-99.

According to information made available by the bank, its deposits grew by 40 per cent to Rs 7,406 crore, compared with Rs 2,985 crore in 1998-99 (a growth of only six per cent over the previous year).

Advances increased 9.47 per cent to Rs 2,432 crore in 2003-04, against Rs 1,487 crore in 1998-99 (a growth of less one per cent over 1997-98).

The Bank of Rajasthan's net worth went up to Rs 329 crore at the end of March 2004, compared with Rs 29.92 crore at the end of March 1999, while its net non-performing assets were estimated at 2.99 per cent in 2003-04, compared with 9.5 per cent five years ago.

There has been an increase in the number of branches and extension counters from 347 to 389, even as its cost of deposits has declined substantially during this period.

In a statement, the bank has pointed out that "with a history of 62 years, a focused approach for the betterment of society through mass banking, coupled with the latest technology and a team of live-wire professionals and dedicated employees, the bank's presence is today being felt all over India."