Bank of America's India operations have reported a 80 per cent jump in net profit
Media Release
Jun. 15, 2006

Bank of America's India operations have reported a 80 per cent jump in net profit at Rs 144.6 crore for the year ended March 31, 2006 as against Rs 80.5 crore last year.

The net revenue has increased by 60 per cent at Rs 398.9 crore for the year ended March 31, 2006 as against Rs 248.3 crore in the previous year, the bank said in a release here on Wednesday.

Commenting on the performance, bank's Managing Director and Country Executive Officer for India Vishwavir Ahuja said, "The quality of our performance remained superior, as we posted highest interest, services and other income while maintaining a zero level NPA." Asset base for the current year increased by nine per cent at Rs 6992.7 crore against Rs 5492.9 crore in 2005, while return on assets improved by 2.4 per cent compared to 1.5 per cent in the previous year. For the current year, capital adequacy ratio stands at 23.4 compared to 30.1 per cent in FY ''05. In 2005, the Bank infused USD 175 million in capital in its India operations to enable the bank to increase its client base and offer more products and services, it said. Bank of America Securities India Pvt Ltd, its subsidiary, reported a 153 per cent growth in net profit at Rs 7.1 crore compared to Rs 2.8 crore in the previous year.

Bank of America's India operations have reported a 80 per cent jump in net profit
Media Release
Bank of America's India operations have reported a 80 per cent jump in net profit at Rs 144.6 crore for the year ended March 31, 2006 as against Rs 80.5 crore last year.
READ MORE>>

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