Bank of India: Chugging along - Views on News from Equitymaster

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Bank of India: Chugging along

Jun 3, 2004

Bank of India (BOI) recently announced its FY04 results reporting a 19% rise in net profits, while its topline saw a marginal drop of 2%. Despite the subdued topline growth, bottomline was augmented by the fall in interest expenses, growth in other income as well as control on operating costs. Operating margins have improved by nearly 130 basis points due to the fall in interest expenses.

Rs m FY03 FY04 Change
Income from operations 59,282 57,959 -2.2%
Other income 16,424 17,920 9.1%
Interest expenses 38,920 35,945 -7.6%
Net interest income 20,362 22,014 8.1%
Other expenses 16,486 17,516 6.2%
Operating profit 3,876 4,499 16.1%
Operating profit margin (%) 6.5% 7.8%  
Provisions and contingencies 8,698 8,910 2.4%
Profit before tax 11,602 13,509 16.4%
Tax 3,092 3,426 10.8%
Profit after tax/(loss) 8,510 10,083 18.5%
Net profit margin (%) 14.4% 17.4%
No. of shares (m) 488.1 488.1  
Diluted earnings per share* 17.4 20.7  
P/E ratio (x) 2.9  
*(annualised)      

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