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BoI nets Rs 590 million

Bank of India has recorded a net profit of Rs 590 million in the third quarter ended December 31, 1998 and Rs 1.60 billion for the nine-month period ended on the same date.

Operating profits for the first nine months of 1998-99 stood at Rs 4.40 billion as against operating profit of Rs 2.77 billion during the first half of the current year.

The investment portfolio of the bank grew by about Rs 19 billion (excluding special securities) during the nine months of 1998-99.

Even in the face of falling interest rates in the market and with the bank channelising part of the investments in tax-free bonds and equities, the yield stood at 11.35 per cent for the nine months ended December 1998.

The non performing assets to advances ratio of the bank on gross basis was 12.87 per cent as at December 31, 1998 compared to 13.19 per cent as at September-end, 1998. On net basis, the NPA to advances ratio declined from 8.68 per cent at September-end, 1998 to 8.19 per cent at December-end, 1998. The bank has launched a major drive to bring substantial improvement in this area by March-end, 1999.

UNI

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