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Performance Highlights for 1998-99

Satisfactory growth in overall financial operations. Momentum built in last few years has been further consolidated.

• Net profit stood at Rs.2011 MN (USD 48 Million)
• Operating profits rose to Rs. 7050 MN (about USD 168 MN) from Rs. 6970 MN (about USD 166 MN) for the previous year
• Bank moved towards greater transparency. It is the only public sector bank bringing out quarterly unaudited financial results during the year
• Capital adequacy ratio stood at 10.55% as against 9.11% for the previous year
• Increase in the total income from Rs. 4515 Crores ( about US 1.075 Billion) in 1997-98 to Rs. 5164 Crores (about USD 1.229 Billion) in 1998-99.
• Bank's global deposit stood at Rs. 44430 Crores (about USD 11 Billion) with a growth rate of 13%.
• Global advances grew by 10.47% to reach Rs. 24327 Crores (about USD 5.8 Billion). Domestic advances increased by Rs. 1534 Crore to reach Rs. 18171 Crore.
• Bank's Credit-Deposit ratio stood at 54.50% as compared with 51.30 for the Banking system in India
• Net Non-Performing Assets (Global) stood at 7.28%
• Domestic investment portfolio is marked to market upto 84.65% as against 80.02% in 1997-98
• The overseas operations of the Bank accounted for 22.54% of total business as at March end 1999
• Net non-performing assets (NPA) of foreign branches has come down to 2.04% as at March 1999 as against 2.90% as at March end 1998, which is well at par with international standards.

Bank of India with a history of success over nine decades, leading in terms of branch network, asset level, range of well structured products, services and staff skills has entered into the 93^rd year of service at national level and 53^rd year at international level.

As at March 31, 1999 the Bank has 2497 in India and 19 branches (including a Representative office at Jakarta) overseas in over four continents.

The Bank has 7 well-equipped active foreign exchange dealing rooms covering all time zones.

Specialized branches increased to 83, developing core competencies and offering full range of banking services, to valued customers the world over.

Technology upgradation pursued with vigor both for domestic and overseas branches with the object of rendering speedy, efficient and high class customer service.

• 525 domestic branches and all foreign branches are computerized.
• About 63% of domestic business is covered by computerized branches
• 100 branches offer Tele-Banking and Fax-on-Demand facilities
• Remote access terminals provided by 14 branches to its corporate customers
• 22 ATMs have been installed. 10 ATMs installed in Mumbai under IBA sponsored 'Shared Payment Network System' ('SWADHAN') and 12 more ATMs installed at 9 other centers in India
• Bank has joined RBI's VSAT network and will be installing 38 VSATs linking strategic branches/ offices.
• Bank is in the processing of installing BOINET, a wide area network for providing inter/intra-city connectivity as part of enhancing decision support systems
• The Bank is making a paradigm shift from Branch automation to Bank automation networking 500 branches on on-line real-time systems.
• The Bank's totally computerized branches, administrative offices and foreign centers are Y2K compliant

Bank of India has the proud privilege of being bankers of the country's premier stock exchange i.e. Mumbai Stock Exchange. Through it subsidiary BOI Shareholding Ltd., Bank also offers custodial services to brokers.

Other Important initiatives taken during the year:

• Acquired controlling stake of 28.37% is Securities Trading Corporation of India Ltd.
• Established integrated Treasury Branch with state-of-art technology
• Initiated infrastructure lending
• Entered into bullion banking business by importing gold as part of diversification of non-funded activities
• Joined the National Securities Depository Ltd. As depository participant and also dematerialized its own shares

• Introduced new products like night deposits, loans against dematerialized shares, lockers for NRIs, floating gold loans, jet-clearing etc.