Kolkata: Bank of Barodas eastern zone covering West Bengal, Sikkim, Assam, Meghalaya, Manipur, Tripura and Nagaland has set a target of 30 per cent growth in profit for 2002-03 compared to 8.86 per cent achieved in 2001-02.
The target, says BoB general manager (eastern zone) T P Banerjee, "is not too ambitious and achieving it should be possible through volume growth in business (targeted at 18 per cent growth in deposits to more than Rs 3,400 crore, and 20 per cent growth in advances to Rs 1,700 crore), accent on non-fund based earning (targeted at Rs 11 to 12 crore in 2002-03 as compared to Rs 9 crore in 2001-02), reduction in cost of fund and thrust on retail credit (estimated to be Rs 170 crore or roughly 10 per cent of the targeted advance of Rs 1,700 crore as compared to Rs 120 crore in 2001-02)."
The housing loan was targeted at double the last years level of Rs 68.68 crore, he says. "The high growth in profit (98 per cent) posted by the bank at the all-India level should be attributed to treasury operations controlled by the banks central office, so the east zone cannot take any credit for it. Besides, the credit demand in 2001-02 as a whole was at the lowest ebb, also hitting the operation in the region."
As on 31 March 2002, the banks total deposits at Rs 2,914.28 crore posted more than 15 per cent growth, and total advances at Rs 1,427 crore more than 31 per cent growth. The profit at Rs 59.86 crore showed a growth of 8.86 per cent.