BoA's India branches report 80 pc rise in profits to Rs 144.6 crore

Mumbai, July 14 (UNI) Bank of America today reported that financial results for its Indian operations saw a 60 per cent increase in net interest and other income to Rs 398.9 crore while after-tax profits were higher by 80 per cent at Rs 144.6 crore for the year ending March 31, 2006.

Commenting on the results, Mr Vishwavir Ahuja, Managing Director and Country Executive Officer for India said: ''The outlook for the Indian economy remains strong, and it will be our endeavour to continually enhance the level of our services and product portfolio to our corporate clients.'' Non-interest income from businesses like risk management, foreign exchange and treasury rose 85 percent to Rs 219.5 crore from Rs 118.7 crore compared to last year.

The bank still has a way to go before it catches up with rivals like Standard Chartered, which has more than 100 branches in India and booked an operating profit of 5 million in full-year 2005.

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