The Hindu Business Line : Bank of Rajasthan Q4 net up 77 pc

LOWER cost of funds and substantial growth in retail deposits have helped Bank of Rajasthan Ltd record a 77-per cent jump in net profit for the quarter ended March 31, 2003, at Rs 21.78 crore compared to Rs 12.28 crore in the corresponding period the previous year.

The board of directors has recommended a 20 per cent dividend for the year 2002-03.

Mr Parvin Kumar Tayal, Chairman, BoR, said, "the bank has done well in every aspect. The focus has been on mobilising retail deposits and there has been a growth of 35 per cent in this area during the fiscal".

Mr Tayal said that there would be no more public issues or rights issues by the bank in the near future. Interest earned by BoR increased to Rs 125.82 crore (Rs 110.42 crore). Other income decreased to Rs 37.70 crore (Rs 52.36 crore). Total expenditure of the bank was at Rs 120.83 crore (Rs 121.62 crore).

For the financial year ended March 31, 2003, BoR recorded a net profit of Rs 68.42 crore (Rs 40.31 crore). Gross advances grew by 9.95 per cent to Rs 2,342.03 crore for the fiscal ended March 31, 2003, compared to Rs 2,130.10 crore in the corresponding period the previous year.

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