Improved performance by BOBL

Our Banking Bureau
30 April 2004

Apart from introducing products targeting the retail sector, BOBL is also on a major branch expansion spree.

According to chairman & ceo G Krishna Murthy, the bank will be opening branches at Jaipur, Indore, Kukatpally (Hyderabad), Kakinada, Erode (second branch), Kottayam and extension counters in Rohini and Indira Nagar (Lucknow).

Last fiscal the bank opened branches at Surat, Barasat, Chromepet, K.K. Nagar (Madurai) and Palakkad thereby taking the total number of branches to 85 branches.

The staid bank is now transforming itself into an integrated financial service provider offering varied para banking services like selling life and non life insurance policies, distributing credit cards and acting as sub agents for Western Union Money Transfer. The bank is also in the process of tying up with Stock Holding Corporation of India Limited to facilitate demat services at various branches

Meanwhile BOBL for the year ended March 31, 2004 has achieved a net profit of Rs. 35.08 crore as against the previous year figure of Rs. 28.52 crore.

“The net owned funds increased to Rs. 172 crore as on 31.03.2004 from Rs 140 crore as on 31.03.2003,” Murthy said.