Bank of Rajasthan Operating profits soar 24.71 per cent
By Our Banking Bureau | 15 May 2004
Mumbai: For the financial year 2003-04 the Bank of Rajasthan (BoR) Ltd has achieved an interest income of Rs502.85 crore as compared to Rs472.66 crore during March 31st, 2003. The operating profit amounted to Rs185.30 crore as against Rs148.58 crore. The bank earned a net profit of Rs69.03 crore.
The earning per share works out to Rs6.42 on which the board of directors has declared a dividend of 20 per cent for the year. Total deposits during the year have gone up by 39.75 per cent to Rs7,406 crore.
The bank has provided additional Rs54.41 crores provision for its NPAs over and above the prudential norms. As a result BoR''s Net NPA is Rs73 crore i.e. less than 3 per cent. The Bank has plans to recover around Rs75 crore NPA during 2004-05 and bring the NPA level to less than 1.5 per cent by March 31, 2005 and become ''zero NPA bank'' by March 31, 2006. The cost of deposits has been brought down to 5.46 per cent as on March 31st, 2004 from 6.50 per cent as on March 31st, 2003.
The CAR for the year is 11.18 per cent as compared to 11.29 per cent as a result of excess provisioning.
During the year, the bank has computerised all its branches. The bank has a wide network of 389 offices all over the country and has ambitious plan of reaching 450 branches and 100 ATMs with a networth of Rs500 crore and a deposit base of Rs10,000 crore by 2005. The bank also plans to have its own life insurance business. The bank has put 157 branches under Anywhere Bank covering 79 cities in 14 states and 2 union territories and the rest of the branches will go online by 2006.
The bank has tied-up with Corporation Bank and UTI Bank for ATM Network Sharing arrangement. Through these tie-ups, the RAJBANK ATM cardholders will have access over 1,700 ATMs across the country. The Bank has recently launched co-branded debit card with BOB / VISA through which its card holders will have access to over 80, 000 VISA authorised points.