Rs 35-cr loss for BNP Paribas, net at Rs 9 cr

Mumbai: BNP Paribas (BNPP) has posted a loss of Rs 34.9 crore for the year ended 31 March 2002 on the back of a Rs 67.4-crore write-off of its retail banking operations. The bank had posted a net profit of Rs 8.9 crore in the fiscal 31 ended March 2001.

The BNPP management in February 2002 had decided to revamp the entire retail-banking model in light of the changing market environment and regulations and exit from the retail-banking operations in India. It has decided to concentrate on the corporate and private-banking business. The bank had decided to write off its retail expenses and major investments directly attributable to the retail restructuring. The net profit before the retail costs and exceptional charges were at Rs 32.5 crore for the fiscal ended 2002 compared to Rs 8.9 crore the previous year an increase of 265 per cent.

The total income of the bank was at Rs 319.8 crore for the fiscal ended 2002 compared to Rs 302.4 crore. The interest income was at Rs 278.6 crore in the period compared with Rs 260.4 crore the previous year. The other income of the bank was at Rs 41.2 crore as against Rs 42 crore the previous year.

The advances of the bank rose by 43.2 per cent to Rs 1,521 crore compared with Rs 1,062 crore. The deposits of the bank dipped to Rs 1,634 crore compared with Rs 1,706 crore the previous year. BNPPs head office had infused a fresh capital of Rs 99.1 crore. The capital adequacy ratio of the bank for the fiscal ended 2002 was at 9.7 per cent compared to 9.9 per cent the previous year.