BoI profits up 58%

MUMBAI, April 30: The Bank of India (BoI), a leading public sector bank, has recorded a 58 per cent growth in profit from Rs 276 crore in 1995-96 to Rs 448 crore in 1996-97.

The bank’s outgoing chairman and managing director, G Kathuria has projected the profit for 1997-98 at Rs 650 crore as he expects the business to grow by 20 per cent. “The Rs 1000 crore raised through equity issue has already been deployed”, he informed. The State Bank of India’s Managing Director, M G Bhide, will take over Kathuria’s responsibilites from tomorrow.

As the maiden public issue of Rs 10 at a premium of Rs 35 per share was oversubscribed by 4.3 lakh during the year, the capital adequacy ratio of the bank would go upto 11 per cent with infusion of this capital. The BoI shares will be listed on leading stock exchanges over the next few days.