Bank of Baroda Q3 profit down 56% to Rs112 crore
New Delhi: Public sector lender Bank of Baroda on Friday registered a decline of 56% in its net profit at Rs112 crore for the third quarter ended December.
The bank had posted a net profit of Rs253 crore in the corresponding October-December period of 2016-17. Total income of the bank, however, was up marginally by 6.53%, to Rs12,976 crore during the quarter, as against Rs12,181 crore in the year-ago period, the bank said in a regulatory filing.
The net interest income grew by 40.20% to Rs4,394 crore in October-December of 2017-18, from Rs3,134 crore in same period of 2016-17. Gross non-performing assets (NPAs) of the bank reached 11.31% of the gross advances by the end of December 2017 from 11.40 % in the same period a year ago.
In value terms, gross NPAs reached Rs48,480.44 crore by end of December 2017 from Rs42,642.40 crore. Net NPAs or bad loans, however, fell to 4.97% of the net advances by the end of third quarter for this fiscal from 5.43% in year ago period.
In absolute value, it was at Rs19,852.15 crore, as against Rs19,006.33 crore. Thus, the bad loan provisions for the quarter rose 92.61% to Rs3,155 crore as against Rs1,638 crore in the year-ago period. NPA provisioning coverage ratio stood at 68.03% as on 31 December 2017, the bank said in a regulatory filing.
Total deposits of the bank stood at Rs5.73 trillion as on 31 December 2017 against Rs5.89 trillion at the end of December 2016. Total advances increased by 14.12% to Rs3.99 trillion as on 31 December 2017 from Rs3.49 trillion in the same period a year ago.
It said the growth in advances was fuelled on account of retail loan growth of 33.37% and within retail loan, home loan grew by 44.33%. Among other parameters, the net interest margin improved to 2.72% during the quarter from 2.31% in the year-ago quarter. Stock of the bank closed 1.68% down at Rs296.40 apiece on BSE on Friday.
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