Venkat Raman –
Bank of India New Zealand Limited, a fully-owned subsidiary of Bank of India, one of the largest nationalised Bank in India, continued to demonstrate robust growth in the overcrowded New Zealand market, posting total operating income of $3.19 million as at the end of March 31, 2015.
Chairman Rabin Rabindran described the performance of the Bank as a ‘matter of pride,’ and said that deposits grew by 84% during the past financial year.
Clean Balance Sheet
“Our profit before tax rose by 47% while advances increased by 28%. We are happy that our non-performing assets were ‘zero,’ one of the few banks in the world to achieve this status. We are looking at how we should grow,” he said.
Mr Rabindran was speaking at the inaugural ceremony of the opening of the Bank in Hamilton on Friday, June 26, 2015. The branch is the third for the Bank, the first two located in Auckland (at Epsom and Papatoetoe).
Growing population
“According to Statistics New Zealand, the ethnic Indian population of Hamilton is growing and with Tauranga and Rotorua nearby, it made sense to open a branch here to benefit the growing Indian population and residents in the region,” he said.
Managing Director Ranjit Kumar Amarendra Jha said that the Bank can be an active catalyst in the development of trade between New Zealand and India.
“I hope that the Bank would have steady growth during the current financial year with continued focus on retail growth,” he said.
Strategic Partnership
Ravi Thapar, who relinquished his office as India’s High Commissioner to New Zealand (see separate story in this Section and our Editorial under Viewlink), inaugurated the new Branch.
Speaking at a dinner hosted by the Bank at Hamilton City Oaks, he said that New Zealand should consider India as its strategic Technology Partner and not just as a trading country.
“We live in a digital world which has no restrictions such as distance and time. India is emerging as a major economic power with a strong focus on multilateral and international partnership. India offers business opportunities which New Zealand should utilise to mutual advantage,” he said.
Members of Parliament Tim Mcindoe, David Bennett, Kanwaljit Singh Bakshi, Dr Parmjeet Parmar (National), Sue Moroney (Labour), Barbara Stewart (New Zealand First), Bank of India Directors Sameer Handa and Judy Whiteman and New India Assurance Company Chief Operating Officer Nilanchal Mishra were among the special guests at the event.
Photo :
- Ravi Thapar opening the Bank of India Hamilton Branch, as Managing Director R A Jha and EDP Manager KSV Radhakrishna (partially seen) look on
- Sameer Handa, Barbara Stewart, R A Jha, Rabin Rabindran, Ravi Thapar and Tim Mcindoe at the Bank of India Hamilton Branch inauguration on June 26
