The board of directors of the bank, which met in Mumbai on Tuesday to consider the financial results, declared a dividend of 40 per cent. The net non-performing assets (NPAs) were 6.95 per cent as compared to 7.70 per cent in the previous year. Gross NPAs were 8.6 per cent as against 9.78 per cent. The capital adequacy ratio (CAR) of the bank stands at 12.10 per cent.

The operating profit rose by 11.75 per cent to Rs 1,051.67 crore. "The bank has decided to treat assets as `doubtful' if they remain NPAs for 18 months, as against the Reserve Bank of India stipulation of 24 months," BoB chairman and managing director PS Shenoy said.

Global deposits of the bank grew 15 per cent to Rs 51,308.19 crore as against Rs 44,614.03 crore in the previous year. Global advances rose 15.7 per cent to Rs 24,392 crore from Rs 21,091.53 crore. Total investments increased to Rs 18,556.50 crore as compared to 15,905.32 crore.Total income rose to Rs 5,861.61 crore from Rs 5,399.73 crore in the previous year.

Interest income increased to Rs 5,220.18 crore as compared to Rs 4,821.31 crore. Other income rose to Rs 641.42 crore as against Rs 578.42 crore. The net interest margin was 3.14 per cent during the year.

"The bank will shortlist a consultant for the insurance venture within the next 15 days. The consultants for technological upgradation will also be selected soon," Shenoy said. Provisions and contingencies rose to Rs 5548.90 crore from Rs 523.85 crore.Cost of deposits declined by 31 basis points from 7.50 per cent to 7.19 per cent during the year.Yield on advances was 11.14 per cent, while yield on investments was 11.14 per cent.