Bank of Americas Indian unit's profits up
By Our Banking Bureau | 26 Jun 2002
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Mumbai: Bank of Americas India branches have recorded a net profit of Rs 86.6 crore for the financial year ended 31 March 2002, registering a 25-per cent growth over the previous year.
Lower-loan loss provisions and higher-fee income have contributed to the increase in the net profit, says a bank official.
The banks operating profit was at Rs 179 crore for the year ended 31 March 2002, almost unchanged from the previous year. The net interest revenues of the bank have declined by 19 per cent in line with a corresponding reduction in advances, offset by an increase of 28 per cent in non-interest revenue items.
