BoI nets profit of Rs 2009 crore

Mumbai, Apr 30: The Bank of India (BoI) has registered a profit of Rs 2009 crore during the financial year ended March 31, 2008 as compared to previous year's Rs 1123 crore. Addressing mediapersons here today, Bank chairman and managing director T S Narayanasami said the bank has shown both qualitative and quantitative performance last fiscal.

Mr Narayanasami said the Bank is focusing on the non-interest income avenue so that it can earn more profit. The non-interest income has risen 35 per cent from Rs 1563 crore to Rs 2116 crore last year. Net interest income rose by 23 per cent to Rs 4229 crore from Rs 3440 crore. The net non-performing assets has declined 0.52 per cent to Rs 592 crore from 0.95 per cent (Rs 812 crore) in previous year.

He said the Bank has already applied to Insurance Regulatory Authority for a license to venture into the insurance business. ''We hope to get the clearance within the next three to four months,'' Mr Narayanasami said.

Talking about issuance of credit cards, he said talks are on with other organisations in this regard.

UNI