BOI Vizag zone H1 net at Rs 17 crore

"During last year first-half the bank posted Rs 12.41 crore net profit, where as this fiscal we have earned a net profit of Rs 16.92 crores, and by March-end our profits will touch Rs 41 crores as against last fiscal's Rs 27 crores," JRV Prasad, the zonal manager of Bank of India, told media persons here on Tuesday.

During this year, the bank hopes to add another Rs 65 crore new deposits, as against Rs 45 crores new deposits in last fiscal, he stated. The bank's main objective this year is to reduce the NPA by 3 per cent. NPA which was 14 per cent by March 2002 increased to 18 per cent by March 2003.

Recently, the bank had issued notices to 100 defaulters under the Securitisation Act and already seized properties in 20 accounts. Following these measures, the bank hopes the NPA could be brought down to 15 per cent by the end of this fiscal, he explained.

BOI has proposed to start ATMs in this zone. Initially, it will have two ATMs by end of this fiscal. The bank is also shortly introducing VISA International ATM-cum- debit cards, Prasad announced.

The Multi Branch Banking project connecting 13 branches in this zone, providing facilities such as anywhere banking, tele-banking, mobile banking and PC banking successfully completed and all these 13 branches in turn are connected to 625 strategic branches in 200 cities across the country, he said.

The BOI already has strategic alliance with ICICI Prudential Life Insurance Company for selling of life insurance products through its select branches on referral basis. The bank will shortly entering into a tie-up with National Insurance Company for sale of non-life insurance products.

The bank has set a target to collect Rs 1 crores premium through selling of life and non-life insurance products.