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Bank of Baroda Q2 profit down 35%

Nikhat Hetavkar/Mumbai 15 Nov 17 | 01:46 AM

The bank’s net interest income for the quarter rose 8.58 per cent to Rs 3,720 crore . A branch of Bank of Baroda. Photo: Wikipedia

Bank of Baroda saw a fall in net profit of 35.7 per cent to Rs 357 crore for the September quarter against Rs 552 crore in year ago quarter due to sharp rise in provisions and contingencies.

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Net interest income for the quarter rose by 8.58 per cent to Rs 3,720 crore from Rs 3,426 crore in the corresponding period of the previous year. Other income which includes fees and commissions rose by 11.2 per cent to Rs 1,737 crore.  

Asset quality improved as gross non performing assets (NPA) ratio and net NPA ratio stood at 11.16 per cent and 5.05 per cent as on September 2017, against 11.35 per cent and 5.46 per cent respectively as on September 2016.

Provisions and Contingencies stood at Rs 2,32,935 crore as on 30th September 2017. This was a rise of nearly 30 per cent against Rs 1,79,584 crore in the year-ago quarter.

Total deposits for the quarter stood at Rs 5,83,212 crore with total advances stood at Rs 3,87,302 crore as on September 30, 2017.

The bank’s total Capital Adequacy Ratio (CAR) was at 11.64 per cent and Tier 1 Ratio was at 9.61 per cent as on September 30, 2017.

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