Bank of India Q3 Net Profit at Rs.406 Cr, 25% higher than sequential profit Q2 FY10

Other Highlights

1. The Bank proposes to undertake a business strategy and organizational restructuring evaluation exercise that would be forward looking and support the Bank in the growth process.

2. The Bank’s focus would be on strengthening Mid Corporate segment in order to provide diversity and stability of the portfolio. Around 40 specialised Mid Corporate Branches are proposed to be opened.

3. CASA growth will continue to be the mainstay of our focus and it has improved perceptibly since March 2009.

4. Bulk deposits as at December 2009 constitute only 2.66% of deposits and have come down substantially since last year. This would be beneficial in protecting NIM of the bank.

5. Bank is strengthening skill inventory by undertaking recruitment of generalists officers with domain knowledge.

6. Branch Network is being expanded by around 200 branches during current financial year. Simultaneously, Bank is expanding ATM network aggressively and proposes to add 350 ATMs to reach 1000 by April 2010.

SME sector shows robust growth of 26% YOY

Robust Tier I capital level at 9.38% ; improved from 8.92% YOY.

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(This is a press release from Bank of India)