Date:30/07/2004 URL: http://www.thehindubusinessline.com/2004/07/30/stories/2004073002320800.htm

Back Fall in trading profit pulls down BoI net

Our Bureau

Mumbai , July 29

A DECLINE in trading profits has led Bank of India to post a lower net profit at Rs 162.69 crore for the first quarter ended June 30, 2004, as against a net profit of Rs 203.2 crore in the corresponding quarter, the previous year.

"Operating profit of the bank during this period was down to Rs 360.66 crore, a decline of Rs 92 crore quarter on quarter mainly because of reduced earnings of Rs 112.16 crore from the sale of investments," said a press release.

Total income of the bank declined to Rs 1,683.66 crore (Rs 1,771.82 crore). This is inclusive of interest earned at Rs 1,408.65 crore (Rs 1,438.18 crore) and other income at Rs 275.01 crore (Rs 333.64 crore).

Total expenditure bank was marginally higher at Rs 1,323 crore (Rs 1,318.90 crore).

Total deposits of the bank grew to Rs 71,705 crore (Rs 64,253 crore), while gross advances increased to Rs 48,111 crore (Rs 43,173 crore)

Priority sector advances reached Rs 13,911 crore constituting 48.45 per cent of net adjusted credit, and farm advances stood at Rs 4,902 crore.