State-run lender Bank of India plans to expand its branch network to over 5,450 and recruit 1,000 probationary officers and 3,500 clerical personnel in the current fiscal to build infrastructure, a top official said today.
The bank with over 4.2 percent share in domestic business and has got agressive plan for expanding the branch network to over 5,450 from 4,655 by the end of current FY, VR Iyer, Bank of India's (BoI's) chairperson and managing director, told reporters.
To build infrastructure and run the new branches, BoI will open recruitment for 1,000 Probationary officers and 3,500 clerical personnel in the current fiscal, Iyer said. Of the new branches, Rajasthan will get about 45 new branches, she added.
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On the bank's expectations of the new BJP government coming to power at the Centre, she said, "The bank has a healthy capital adequacy of 10.76 percent and net NPA of 2 percent, BoI would expect that the capital adequacy be increased to Rs 1,500 crore". Bank's global business is at present more than Rs 8.53 lakh crore consisting deposits of over Rs 4.77 lakh crore and advances of Rs 3.76 lakh crore as on March 31, 2014, Iyer said, adding that the business mix of the bank has grown by 26.44 percent over March 2013.
While global deposits grew 24.91 percent and global advances grew 28.42 per cent over the corresponding period of the previous year, she said, adding that the bank aims to grow by over 16 percent in 2014-15. On whether the bank will reduce interest rates on loan products, Iyer said, it is to be decided by the RBI rules and inflation.
BoI has covered 14,472 villages under 100 percent financial inclusion as against allotted villages of 4404, one year advance by opening one account in each household, she said. She also said the all ATMs (automated teller machines) of the bank would be enabled with "instant money transfer" (IMT) for customers in near future. BOI introduced IMT as an emerging alternate delivery channel for funds transfer through 205 of its ATMs, and now it is planning to enable all of its ATMs in near future.
Till now as per the RBI guidelines, customer could transfer money instantly up to Rs 25,000, she said, adding 3,335 new ATMs would be installed by March 2015. On the performance of of the 125 BoI branches in Rajasthan, she said the bank's total business mix under the National Banking Group (Delhi) is approximately Rs 97,123 crore (deposits Rs 70,965 crore and advances Rs 26,158 crore), which constitutes 15.88 percent of its domestic business.
Bank of India stock price
On June 09, 2014, Bank Of India closed at Rs 328.85, up Rs 3.60, or 1.11 percent. The 52-week high of the share was Rs 356.75 and the 52-week low was Rs 126.95.
The company's trailing 12-month (TTM) EPS was at Rs 34.38 per share as per the quarter ended March 2014. The stock's price-to-earnings (P/E) ratio was 9.57. The latest book value of the company is Rs 303.77 per share. At current value, the price-to-book value of the company is 1.08.
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