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Bank of India’s operating profit increases 19.5%

Bank of India’s operating profit increases 19.5%
Bank of India (BoI) has presented robust financial figures, with its operating profit increasing by 19.5 per cent to Rs 1,854 crore in the second quarter of fiscal 2012-13 from Rs 1,552 crore in the corresponding period of 2011-12.

The bank's global business increased by 14.9 per cent from Rs 5,16,025 crore as on Sept 2011 to Rs 3,32,695 crore on Sept 30, 2012.

The net profit for the second quarter of 2012-13 stood at Rs 302 crore while the cost to income ratio fell favourably to 40 per cent from 43.49% in Q2 2011.

The net interest income increased by 15.3 period to Rs 2,196 crore during Q2, 2012 from Rs 1904 crore during Q2, 2011. Commenting on the quarterly results, Bank of India Executive Director N Sheshadri said that the bank was committed towards giving housing loans and supporting infrastructure development though no new infrastructure had been witnessed coming up in the past 12 months.

To questions about Kingfisher airlines, Sheshadri said the bank was making provisions for wherever there was deterioration in assets and doubts about recoverability.

About the bank’s international operations, he said its operations in 51 offices across 20 countries were being boosted with one more branch opened in Tanzania and a representative office in Johannesburg being upgraded to branch in September 2012, besides plans to open subsidiaries in Botswana, Canada and Brazil.
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