BoA's Indian ops FY07 net up 35%

Bank of America (BoA) today said its Indian operations has clocked a 35% rise in after-tax profit at Rs 195 crore for the year ended March 31, 2007 (FY07) while its revenues increased 24% at Rs 674.4 crore.

The increase in revenues is on the back of an increase of Rs 170 crore (43%) achieved during the previous fiscal, a release issued here today said.

Net interest revenue was up 24% at Rs 249.5 crore in FY07 from Rs 200.5 crore in FY06, as a result of improved margins.

Non-interest revenue rose by 23% at Rs 244.3 crore from Rs 198.3 crore, driven by enhanced revenues from multiple client services.

These included risk management and hedging services, domestic and offshore capital raising, client-specific structured solutions, foreign exchange management services, higher treasury income and other fee-based activities.

The bank also reported nil net non-performing assets (NPAs).

Its asset base increased from Rs 5,965.6 crore in FY06 to Rs 6,317.6 crore, while return on assets improved to 3.1% as against 2.4% in the previous year.

Bank of America Corporation's subsidiary called Banc of America Securities India, has also clocked a 3% increase in revenues comprising interest and other income of Rs 22 crore. Net profits grew to Rs 8.7 crore as against Rs 7.1 crore in the previous year.

Banc of America Securities is engaged in underwriting, dealing and trading of corporate fixed income securities and related capital market activities.