Daijiworld Media Network – Mangalore (GA)
Mangalore, Feb 19: Bank of India, a nationalized bank has recorded a net profit of Rs 676 crore from Rs 449 crore as on December 2005. This was announced at a press conference held recently here in the city.
The year-to-year growth has been 51 per cent and the operating profit improved to Rs 1500 crore from Rs 1071 crore as on December 2005. An impressive growth in Net Interest Income (NII) to Rs 2473 crore from Rs 1794 crore has been achieved noted chairman and managing director of the bank M Balachandran.
Bank’s New Initiative
The Bank has finalized acquiring 76% stake in P T Bank Swadesi Tbk, a listed Bank in Indonesia. Bank entered into an arrangement with Dai-Ichi Mutual Life Insurance Company, Japanese Company in the field of Life Insurance and Union Bank of India for setting up a joint venture Life Insurance Company with capital stake of 51%, 26% and 23% respectively.
Bank has entered into a strategic alliance with Union Bank of India and Infrastructure Development Finance Company for loan syndication, international business, cash management, cheque collection and training. Online Share Trading Scheme has been formally launched with investor/ user friendly features. Bank as a part of its Centenary celebrations promoted a Trust, “ABHAY”, to offer credit counseling services, free of cost, with the following objectives:
- Advising on gaining access to structured financial system including banking
- Creating awareness among the public about financial management
- Counseling people who are struggling to meet the repayment obligations and helping debt resolution
- Helping in rehabilitation of borrowers in distress.
The first Counseling Centre at Mumbai was followed by other Centres at Wardha and Chennai.