Bank of India has registered a 101% rise in its net profit at Rs 512 crore for the quarter ended December 31, 2007 as against Rs 255 crore profit earned during the corresponding period last year.

The net interest income rose by 25.61% for the quarter and the net interest margin of the bank improved to 3.14%. As on December 31, 2007, the net non-performing assets ratio of the bank was 0.62%, the capital adequacy ratio was 12.54% and CASA ratio remained a around 37%.

By the end of the current fiscal, Bank of India plans to open an overseas branch in the city of Glasgow. Announcing the results in Mumbai on Tuesday, the bank CMD, TS Narayanasami, told the media that an extraordinary general meeting of the bank to discuss the forthcoming issue of QIP for the dilution of government’s stake in the bank from the present level of 69.47% to 64.47%.

Narayanasami said, ?I shall hold the QIP issue till the markets revive to get the fair valuation of the shares, but surely the placement will happen before the end of this quarter.?

Corporation Bank net up

Corporation Bank has registered 30.37% growth in its net profit for the third quarter to record Rs 190.9 crore as against Rs 146.42 crore during the corresponding period of the previous year. The total income also increased by 23.18% to touch Rs 1,265.83 crore as against Rs 1,027.60 crore during the corresponding period of the previous year, the bank said in a statement to the stock exchanges.

Vijaya Bank Q3 net up 36.8%

Vijaya Bank has recorded 36.83% growth in net profit to record Rs 126.88 crore for the third quarter of the current fiscal as against Rs 92.73 crore for the corresponding period of the previous fiscal. The revenue was up 45.1% at Rs 1,139.19 crore against Rs 784.86 crore in a year-ago period.

The bank recorded a total business of Rs 71,467 crore for Q3, comprising Rs 28,079 crore in advances and Rs 43,388 crore in deposits, 3% sequential growth from total business of Rs 68,858 crore clocked during Q2.

Capital adequacy ratio of the bank for the quarter was at 12.21%. Ratio of net non-performing assets was at 0.54%, compared to a net NPA ratio of 0.49% a year ago. Vijaya Bank chairman and managing director Prakash P Mallya said it would continue to register robust growth rates and aimed to record a revenue of Rs 76,000 crore by the end of the fiscal. “Our aim is to have Rs 31,000 crore in credits and Rs 45,000 crore in deposits by March 31,? he said.

Mallya said the bank would have 1,050 branches in the country by this fiscal-end, expanding across rural and semi-urban as well as metro markets. Currently, 46% of its 1,008 branches were in rural and semi-urban regions.

On the bank’s proposed life insurance venture, Mallya said details would be known by the end of this fiscal.