BoI eyes 194% net growth in 2005-06

Bank of India (BoI) has targeted to achieve more than 194 per cent growth in its net profit in the current financial year as compared to last year's net profit of Rs 340 crore.

"BoI recorded a net profit of Rs 340 crore in 2004-05 primarily due to poor performance in treasury operation. This year BoI has targeted to achieve Rs 1,000 crore net profit. Retail and small and medium enterprises (SME) sector would be our prime focus," said A K Choudhary, zonal manager of Kolkata office, BoI.

Retail lending grew by 29.05 per cent (year-on-year) thus contributing 25 per cent of total non-food credit in 2004-05. The bank has already raised Rs 1,000 crore Tier-II capital last Monday, he confirmed.

The capital adequacy stood at 11.52 per cent as on March 2005. In 2004-05, the bank recorded total business of Rs 1,36,422 crore, registering a growth of 14.66 per cent over the previous year.

"BoI is looking at 25 per cent growth of the total business this year. The credit is targeted to increase by 28-30 per cent over last year's figure of Rs 57,601 crore, whereas the deposit is expected to increase by 25 per cent over previous year's figure of Rs 78,821 crore," he noted.

The bank is currently exploring its opportunity in Bangladesh. "We are exploring our opportunity in Bangladesh. Currently, overseas business contributes around 19 per cent of the over all kitty," he noted.

As a part of centenary celebration, BoI decided to adopt 100 villages all across the country, where they will be providing financial support for over all up gradation.