Bharat Overseas Bank opens second branch in Hyderabad
Our Banking
Bureau
25 June 2004
Hyderabad:
The Chennai-headquartered Bharat Overseas Bank has
expanded its network by opening a second branch in the
city. This is the 85th branch of the bank. K. Rosaiah
from the ministry of finance, government of Andhra Pradesh
formally inaugurated the Kukatpally Branch and the new
onsite ATM.
G.
Krishna Murthy, chairman, Bharat Overseas Bank (BOBL)
said, "It has been the sole endeavour of the bank
to spread and reach out to the customers, offering better
service and efficient banking convenience across the
country. This new branch at Kukatpally is a testimony
to our commitment to be a customer friendly bank, maintain
an enduring client base and to take our services to
our customers. Moreover, as the year 2004-05 has been
announced as the year of retail banking, SMEs and retail
banking will be the primary focus at the new branch.
"
The
bank has five branches in Andhra Pradesh. The other
branches in Vishakapatnam, Vijayawada, Guntur and Nellore
had earned a total business of Rs110 crore in 2003-04.
The bank now plans to open a branch in Kakinada shortly
and is contemplating further expansion in the State.
BOBL,
a fast growing scheduled commercial bank in the private
sector is owned by seven banks, one of which is Indian
Overseas Bank, a public sector bank. BOBL is the only
private sector bank in India to have an overseas branch
in Bangkok and Thailand.
The bank started its operations in 1973. BOBL showed
a net profit of Rs35.08 crore for the financial year
2003-04 as against Rs28.52 crore last year, a growth
of 23 per cent.
The
net owned funds of the bank increased to Rs172 crore
as on March 31, 2004 from Rs140 crore as on March 31,
2003, registering an increase of 23 per cent.
The
book value per share (face value: Rs100) crossed the
Rs1000-mark for the first time and was Rs1093 on March
31, 2004 as against the earlier year's figure of Rs891.
The Capital Adequacy
Ratio (CRAR) as on March 31 stood at 16.25 per cent
compared to 13.87 per cent last year. The
total business volume comprising deposits and advances
grew to Rs3900 crore achieving a growth of 17 per cent.
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