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More BoB branches in US

Calcutta, May 7: Bank of Baroda (BoB) has firmed up plans to increase its presence in the US. The bank is setting up two branches — one in Houston and the other in Los Angeles.

“We are already present in the US through our New York branch. But we would like to increase our business in the country,” said M. M. Gadgil, deputy general manager (eastern zonal office) of the bank, at a press conference here today.

The bank has already filed applications with the US government for issuing licences for the two branches.

BoB has 38 overseas branches, six overseas subsidiaries and a joint venture in Zambia. The bank has a strong presence in South Africa, Botswana, Uganda and Kenya. It also has six branches in the UK, out of which five are in London.

The global deposits of the bank touched Rs 66,366 crore on March 31, 2003, as against Rs 61,804 crore in the previous year — a growth of 7.38 per cent.

Similarly, global advances have increased by 5.01 per cent to Rs 35,348 crore as against Rs 33,663 crore in 2001-02.

The eastern zone of the bank has posted a net profit of Rs 56.42 crore in 2002-03, Gadgil said. The region comprises West Bengal, Sikkim, Assam, Meghalaya, Manipur, Tripura and Nagaland.

The bank’s total deposits in this region have witnessed a 7.88 per cent growth from Rs 2913.85 crore in 2001-02 to Rs 3,143 crore in 2002-03. Total advances in the zone have witnessed a 17.8 per cent growth at Rs 1,681.75 crore as against Rs 1,427.58 crore in the previous year. The savings bank deposit recorded a growth of 12.65 per cent and touched Rs 920.24 crore.

The non-performing assets (NPA) of the zone has been reduced by Rs 11.27 crore to Rs 123.27 crore. In 2001-02, the zone had an NPA of Rs 134.54 crore. The zone has, however, registered new NPA slippages to the tune of Rs 41.68 crore.

“Four engineering companies have alone contributed Rs 20 crore towards the new slippages,” said P. P. M. Murugesan, assistant general manager (Calcutta metro region).

The credit deposits ratio of the bank has improved to 54.04 per cent from 49.37 per cent. The retail credit of the bank for the eastern zone has registered a 55.44 per cent growth.

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