By IANS,
New Delhi : Bank of India, the country’s fifth-largest public sector lender, is targeting a 22 percent growth in profit in the current financial year, Chairman and Managing Director Alok Kumar Misra said Tuesday.
“We target to grow at around 20 to 22 percent this year,” Misra told reporters on the sidelines of a company event.
He said good asset quality and interest margins would help the bank maintain its profitability.
Bank of India reported a 24 percent rise in its net profit during the first quarter of this fiscal, after a decline in profit for three successive quarters.
R. Gopalan, secretary, financial services in the finance ministry, said banks required to control cost and improve asset quality.
Bank of India Tuesday opened 105 branches and the same number of ATMs to mark 105th foundation day of the company.
Gopalan said the company might face human resources problem as thousands of employees were likely to retire soon. Bank of India currently employees 40,000 people.