Bank of Baroda Q3 net down 56% to ₹ 112 cr

Public sector lender Bank of Baroda today registered a decline of 56 per cent in its net profit at ₹ 112 crore for the third quarter ended December. The bank had posted a net profit of ₹ 253 crore in the corresponding October-December period of 2016-17.

Total income of the bank, however, was up marginally by 6.53 per cent, to ₹ 12,976 crore during the quarter, as against ₹ 12,181 crore in the year-ago period, the bank said in a regulatory filing.

The net interest income grew by 40.20 per cent to ₹ 4,394 crore in October-December of 2017-18, from ₹ 3,134 crore in same period of 2016-17.

Gross non-performing assets (NPAs) of the bank reached 11.31 per cent of the gross advances by the end of December 2017 from 11.40 per cent in the same period a year ago.

In value terms, gross NPAs reached ₹ 48,480.44 crore by the end of December 2017 from ₹ 42,642.40 crore.

Net NPAs or bad loans, however, fell to 4.97 per cent of the net advances by the end of third quarter for this fiscal from 5.43 per cent in year ago period. In absolute value, it was at ₹ 19,852.15 crore, as against ₹ 19,006.33 crore.

Thus, the bad loan provisions for the quarter rose 92.61 per cent to ₹ 3,155 crore as against ₹ 1,638 crore in the year-ago period.

NPA provisioning coverage ratio stood at 68.03 per cent as on December 31, 2017, the bank said in a regulatory filing.

Total deposits of the bank stood at ₹ 5.73 lakh crore as on December 31, 2017 against ₹ 5.89 lakh crore at the end of December 2016.

Total advances increased by 14.12 per cent to ₹ 3.99 lakh crore as on December 31, 2017 from ₹ 3.49 lakh crore in the same period a year ago.

It said the growth in advances was fuelled on account of retail loan growth of 33.37 per cent and within retail loan, home loan grew by 44.33 per cent.

Among other parameters, the net interest margin improved to 2.72 per cent during the quarter from 2.31 per cent in the year-ago quarter.