Boi Posts Rs 172cr Q3 Profit

Bank of India has posted a gross profit of Rs 172 crore during the third quarter of the current financial year, 1997-98. Its operating profit for the nine-month period ended December 31, 1997 stood at Rs 538 crore.

In the first half of the financial year, Bank of India had posted a gross profit of Rs 366 crore representing a 47 per cent growth over the six-month profit figure of Rs 366 crore, ended September last.

At the end of the third quarter, total income was Rs 3,232 crore as against Rs 4,003 crore during the last financial year. Total expenditure in this financial year was Rs 2,694 crore. Interest outgo in the third quarter was Rs 629 crore and Rs 1,895 crore for the nine-month period, while operating expenses for nine months were at Rs 799 crore.

 

Global deposits stood at Rs 34,010 crore at December-end and domestic deposits at Rs 26,759 crore. Global advances were Rs 19,236 crore, reflecting an increase of Rs 899 crore over the March-end level of Rs 18,337 crore.

Announcing the quarterly results, M G Bhide, outgoing chairman and managing director of the bank, said the pro-rata average monthly profits for the nine-month period at Rs 59.78 crore could not be projected for the remaining three months due to the volatile market conditions.

Gross non-performing assets, at Rs 2527 crore, had marginally declined from the September level of 7.97 per cent to 7.51 per cent. Its capital adequacy ratio was at 11.53 per cent. BoI would calculate CAR based on value-at-risk in March 1998, in order to factor in market-related risks, said Bhide.