State-run lender Bank of Baroda posted 160% increase in net profit to Rs.528.26 crore for the quarter ended June 30 as compared with Rs.203.26 crore in the year-earlier period. The rise in profit was driven by 28.7% growth in net interest income to Rs.4,381 crore. The bank had reported a net loss of Rs.3,102.34 crore in the January-March quarter. Credit growth year-on-year grew 19.84% while retail loan growth was 33.9%. Within retail loans, home loans grew 43.47%. Net interest margin (NIM) improved to 2.7% from 2.5%. Core fee income rose 16.7% to Rs.794 crore. Provision for bad loans came down to Rs.1,759.72 crore from Rs.2,156.69 crore. Gross NPAs as at June end was 12.5% on gross advances compared with 11.4%. Overall provisions and contingencies also reduced to Rs.2,165.64 crore from Rs.2,368.05 crore.
Leave a Reply