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Fiji Time: 1:00 AM on Friday 18 April

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India bank profit up by 87pc

Timoci Vula
Friday, November 09, 2012

INDIA-owned Bank of Baroda's Fiji operations has recorded a net profit increase of 87 per cent as of September 30 this year.

The bank received an increased local market share in relation to other banks in the country.

Bank chief executive officer Pabitra Das in his address to customers at their Diwali celebrations on Wednesday night, said compared to September last year, the bank's local operations had also registered a business growth of 13.04 per cent.

This, he said outnumbered industry growth of 7.90 per cent.

He said the bank was also upgrading its technology, now moving ahead with plans for EFTPOS/ATM interchange with financial competitor Bank South Pacific (BSP).

"Networking between the Bank of Baroda Suva branch and BSP Suva has been completed," Mr Das said.

"We are now going to initiate testing phase and expect interchangeability to be fully effective from November 30 this year," he said.

"After implementation of interchange, ATM/point of sale outlets of all the banks will be interconnected and customers of any bank can use ATM/EFTPOS of other banks, that is, customers of Bank of Baroda will be able to use ATMs/EFTPOS of ANZ, Westpac, BSP and other bank's card holders will be able to use our ATM also," said Mr Das.