Mumbai,May 01: Bank of India has reported an over 200% jump in net profit for the fourth quarter ended March ’03 to Rs 283 crore against Rs 94 crore reported in the corresponding period last year. The board which met on Wednesday to consider the audited results has recommended a 30% dividend. The profits were higher largely due to a 41.4% surge in other income which rose Rs 175 crore to Rs 597.9 crore from Rs 422.8 crore a year ago.
For the full year March ’03, the bank has posted a growth of 68% in the net profit to Rs 851 crore against Rs 505 crore reported last year. Operating profit for full year stood at Rs 2,030 crore, up 43% and it rose to 60% for the fourth quarter at Rs 719 crore. Global deposits for the year ending March ’03 stood at Rs 64,454 crore, up 8.2% and domestic deposits stood at Rs 54,030 crore, up 9.7%. Global advances stood at Rs 44,491 crore, up 9.7% and domestic advances stood at Rs 33,013 crore, up 8%.

Bank’s priority sector advances constituted to nearly 50% of the total advances at Rs 12,546 crore. The gross NPA of the bank declined to 8.6% as on March ’03 against 8.3% in the corresponding period last year, while the net NPA declined to 5.6% (6%).
The global gross NPA stood at Rs 3,804 crore as on March ’03 against Rs 3,722 crore in March ’02, the domestic gross NPA was at Rs 3,495 crore (Rs 3,380 crore). The global net NPA stood at Rs 2,382 crore (Rs 2,304 crore) and the domestic net NPA was at Rs 2,325 crore (Rs 2,181 crore). Bureau Report