Public sector lender, Bank of India has set an aim to achieve profits worth Rs 10,000 crore in the upcoming 5 years tenor. In the last fiscal, the bank had booked profits worth Rs 1,741 crore.

"We have set a target of Rs 10,000 crore of net profit by 2015," said BA Prabhakar, executive director, Bank of India.

The bank has decided to lend prime focus on segments like small and medium enterprises (SMEs). "Mid corporate businesses and SMEs will be in focus in our growth strategy," said Prabhakar.

Yet another area of focus of the bank will be on increasing fee based income. "Our fee based income is currently 15% of the total income, it needs to be increased at least to 25% in next five years," he said."To increase fee based income we will look for new product and services."

As part of increasing fee based income, the bank will increase loan syndication activity as well as offer cash management services to customers.

"The strategy is already in the place and we are in the process of implementing the recommendations," said Prabhakar.