Bank of Rajasthan net down 77%

BS 200 SCORECARD

Bank of Rajasthan reported a 77 per cent fall in its net profit to Rs 7.02 crore in the quarter ended December 31, 2004 from Rs 30.65 crore in the corresponding quarter of previous year.

A Rs 26.95 crore depreciation on account of transfer of Rs 1,000 crore of government securities to the held to maturity category caused the sharp drop in the bank's net profit.

A decline in income on investments and other income and a rise in operating expenses also weighed down its net profit.

The income on investments fell to Rs 56.52 crore from Rs 80.68 crore a year ago, and other income to Rs 14.39 crore from Rs 45.61 crore. The bank's operating expenses also jumped 12 per cent to Rs 51.83 crore from Rs 46.21 crore.

The bank's total interest income was 7 per cent lower at Rs 123.33 crore during October-December 2004 against Rs 133.05 crore a year ago. Interest income from core operations was higher at Rs 57.95 crore in the 2004-05 third quarter against Rs 46.88 crore in the same period of previous year.

For the nine months ended December 2004, net profit was down 48 per cent to Rs 47.10 crore from Rs 91.17 crore in the corresponding period of 2003-04. The bank brought its net non-performing assets (NPAs) down to 3.67 per cent (Rs 98.91 crore) from 7.90 per cent (Rs 149.26 crore) a year ago.