Bharat Overseas Bank net up to Rs 22.75 cr
Our Banking Bureau
18 May 2002
 Chennai:
Bharat Overseas Bank Ltd has reported a net profit of Rs 22.75
crore for the year 2001-02 as against Rs 17.50 crore for the
previous year — a growth of 30 per cent.
This was despite higher
provisioning. Provisions against doubtful loans were Rs 11 crore
— up from Rs 7 crore previously. With the increased provisioning, 50
per cent of the bank’s non-performing assets are provided for.
The bank has declared a
dividend of 15 per cent, which will go to the seven other
scheduled commercial banks that are BOBL’s promoters. The
dividend payout works out to roughly 10 per cent of the net
profit. The bank’s capital adequacy ratio has risen to 15.09 per
cent from 14.43 per cent as at the end of the previous financial
year.
At a press conference
here, BOBL chairman G Krishna Murthy said the bank had recently
mandated SBI Capital Markets to study the capital structure of
BOBL in relation to  the
bank’s long-term vision document. SBI Caps, which will complete
its study in a month’s time, is expected to advise the bank on
how to strengthen the capital base.
List
of reports Bharat Overseas Bank
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