Total income rose by 10.59 per cent to Rs 1,581.74 (Rs 1,430.26 crore), while total expenditure rose by 10.26 per cent to Rs 1,294.95 crore (Rs 1,174.41 crore). Declaring the results BoB's chairman and managing director PS Shenoy said that better asset liability management and stronger growth in interest income vis-a-vis the fund cost enabled the bank to post encouraging results.

"Third quarter results are without taking into account the voluntary retirement scheme (VRS) factor as the scheme opened only from January 15, 2001. The bank expects an outgo of approximately Rs 500 crore on this count and proposes to absorb the entire burden in this year's accounts," a release from the bank added.

The bank has recorded a 14.42 per cent (YoY) rise in working funds. Global deposits of the bank reached a level of Rs 52,812 crore. The deposits growth at 11.15 per cent is lower as compared to previous year. The share of non-resident deposits in the domestic balance sheet dropped to 21.55 per cent in December 2000 from Rs 24.50 per cent in March 2000, thes release added.

For the first nine months of the current fiscal, BoB's has reported a 15.38 per cent increase in its net profit to Rs 429.21 crore (Rs 372 crore) for the first nine months of the previous fiscal. Operating profit rose by 16.12 per cent to Rs 837.24 crore (Rs 721 crore). Total income grew by 11.54 per cent to Rs 4,727.78 crore (Rs 4,238.48 crore). Total expenditure increased by 10.60 per cent to Rs 3,890.54 crore (Rs 3,517.48 crore).

Mr Shenoy informed that the bank has initiated the exercise for restructuring the operation and undertake business process re-engineering in consonance with the technology upgradation programme.