Bank of Rajasthan net profit rises by 25%

Mumbai: Bank of Rajasthan has reported a 25-per cent rise in net profit at Rs 40.31 crore for the year ended 31 March 2002 as compared to Rs 32.22 crore in the previous year.

"After six years, we have finally wiped out our entire accumulated losses of over Rs 125 crore and we have registered a profit of over 25 per cent," says Bank of Rajasthan chairman Pravin Kumar Tayal.

"The prime lending rate will be reduced by 50 basis points, a decrease of the interest rate to 13.5 per cent from 14 per cent starting 1 July 2002," says Bank of Rajasthan managing director Dr K M Bhattacharya.

Deposits grew by 12.08 per cent to Rs 3,959.98 crore in March 2002 from Rs 3,533.22 crore in the previous year. Net advances grew by 5.21 per cent to Rs 1,955.96 crore this year (Rs 1,859.17 crore). The capital adequacy ratio rose to touch 12.07 per cent from 10.57 per cent in the previous year.

The total income rose to touch Rs 549.81 crore this year (Rs 498.91 crore), while other income increased to Rs 97.21 crore in March 2002 from Rs 56.47 crore in the previous year. The total expenditure increased to Rs 468.39 crore (Rs 441.19 crore).