Bank of India rides past tough times
Apropos of “Change in composition of assets should help us improve margin” (FE, August 10), the interview with Bank of India’s MD & CEO, Dinabandhu Mohapatra, made for nostalgic reading. BoI deserves kudos for turning black in the quarter ended June 2017, with a profit at Rs 87.7 crore, driven by strong other income, operating income and lower provisions. It is nice that provisions for bad loans halved to Rs 2,245 crore, from Rs 4,736 crore on sequential basis, and have declined 19% year-on-year. BOI’s operating profit is very robust and net interest income is strong. It had been making losses as well as making higher provisioning for NPAs. Asset quality improved on sequential basis as gross NPA (non-performing assets) fell to 13.05% (from 13.22% q-o-q) and net NPA declined to 6.7% (from 6.9%) in the quarter ended June 2017. Bank of India’s name is now a household name and synonymous with growth, development and efficiency. The bank has the best of technology and best of capabilities. It has several firsts to its name and has always been in the forefront for bring about new concepts and changes in the Indian banking scenario. There is no doubt that BOI continues to have a commanding presence in the nation’s corporate-industrial realm.
— Vinod C Dixit, Hyderabad
The decision of the Election Commission invalidating the votes cast by the two rebel Congress MLAs in the Rajya Sabha election in Gujarat is just desserts for the Congress defectors and the BJP. It is alleged that the BJP encouraged horse-trading to grab the third Rajya Sabha seat from Congress. It is unfortunate that the BJP, whose parent organisation RSS is considered as a very disciplined entity, should stoop to this level to grab power. The Election Commission which went by the rule book and stood steadfast in its decision unmindful of the Himalayan pressure exerted on it by the ruling dispensation deserves accolades.
— Tharcius S Fernando, Chennai