Bank rakes in $2.25m through new savings accounts

5/10/2012
Chief executive, Pabitra Kumar Das said the bank conducted a special campaign for savings deposit between February 1 and March 31 this year to increase low cost deposit. The two-month campaign resulted in 5320 new savings accounts worth $2.25million being opened.
Fiji Times 10 May 2012
 

IF anything, 2011 was an exceptional year for the Bank of Baroda after recording an overall 22 per cent growth.

For the financial year ending March 2012, BoB recorded a 24 per cent increase in total deposits and 17 per cent growth in credit.

Chief executive, Pabitra Kumar Das said the bank conducted a special campaign for savings deposit between February 1 and March 31 this year to increase low cost deposit. The two-month campaign resulted in 5320 new savings accounts worth $2.25million being opened.

Mr Das said the bank was also able to reduce its bad loans.

He added that the bank would also expand its automated teller machine (ATM) network this year

The bank is also going for ATM / EFTPOS interchange with one of the banks in Fiji, which means BoB customers would be able to use a BoB card in any of the other banking networks and vice versa.

The bank's low cost deposit increased by 34 per cent while net profit increased by 47 per cent.

Meanwhile, the bank gave $5000 to the Sevashram Sangha for flood relief efforts in the west.

© 2013 Bank of Baroda, Fiji Territory, GPO. Box.57, Suva, Fiji Islands.