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Bank of Baroda's Q2 net profit up 20%

Wednesday, October 31, 2018
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State-run lender Bank of Baroda on Tuesday reported a rise of 19.72 per cent in its standalone net profit for the second quarter of 2018-19 aided by lower provisioning for non-performing assets (NPAs).

According to the lender, the net profit during the quarter under review rose to Rs 425 crore from Rs 355 crore reported for the corresponding period of the previous financial year.

The bank's net interest income grew by 20.75 per cent to Rs 4,492 crore during the quarter ended September 30, 2018, compared to Rs 3,720 crore in the corresponding period of the previous fiscal.

As per the statement, the provisioning for NPAs decreased by 1.12 per cent to Rs 2,657 crore from Rs 2,687 crore made during the corresponding period of last fiscal.

"Gross NPA (GNPA) was Rs 55,121 crore, including Rs 534 crore impact of translation, as on September 30, 2018, compared to Rs 55,875 crore as on June 30, 2018. GNPA ratio declined to 11.78 per cent Q-o-Q from 12.46 per cent as on June 30, 2018," the bank said in a statement.

"Net NPA ratio declined to 4.86 per cent as on September 30, 2018 from 5.40 per cent as on June 30, 2018. Absolute amount of net NPA also declined to Rs 21,059 crore from Rs 22,384 crore as on June 30, 2018." 

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Source: IANS
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