Bharat Overseas Bank opens second branch in Hyderabad
By Our Banking Bureau | 25 Jun 2004
G. Krishna Murthy, chairman, Bharat Overseas Bank (BOBL) said, "It has been the sole endeavour of the bank to spread and reach out to the customers, offering better service and efficient banking convenience across the country. This new branch at Kukatpally is a testimony to our commitment to be a customer friendly bank, maintain an enduring client base and to take our services to our customers. Moreover, as the year 2004-05 has been announced as the year of retail banking, SMEs and retail banking will be the primary focus at the new branch. "
The bank has five branches in Andhra Pradesh. The other branches in Vishakapatnam, Vijayawada, Guntur and Nellore had earned a total business of Rs110 crore in 2003-04. The bank now plans to open a branch in Kakinada shortly and is contemplating further expansion in the State.
BOBL, a fast growing scheduled commercial bank in the private sector is owned by seven banks, one of which is Indian Overseas Bank, a public sector bank. BOBL is the only private sector bank in India to have an overseas branch in Bangkok and Thailand. The bank started its operations in 1973. BOBL showed a net profit of Rs35.08 crore for the financial year 2003-04 as against Rs28.52 crore last year, a growth of 23 per cent.
The net owned funds of the bank increased to Rs172 crore as on March 31, 2004 from Rs140 crore as on March 31, 2003, registering an increase of 23 per cent.
The book value per share (face value: Rs100) crossed the Rs1000-mark for the first time and was Rs1093 on March 31, 2004 as against the earlier year''s figure of Rs891.
The Capital Adequacy Ratio (CRAR) as on March 31 stood at 16.25 per cent compared to 13.87 per cent last year. The total business volume comprising deposits and advances grew to Rs3900 crore achieving a growth of 17 per cent.