Bank of Baroda net profit jumps 73% to Rs 737 cr in September quarter; lender's gross NPAs decline

Bank of Baroda raised the provisions for bad loans and contingencies to Rs 4,209.16 crore for the quarter, from Rs 2,429.54 crore a year ago.

Press Trust of India November 08, 2019 18:48:21 IST
Bank of Baroda net profit jumps 73% to Rs 737 cr in September quarter; lender's gross NPAs decline
  • The bank's total income rose to Rs 22,097.91 crore for the second quarter of 2019-20, compared with Rs 13,429.95 crore a year ago

  • The bank said it received an amount of Rs 7,000 crore towards preferential allotment of equity shares from the govt during the quarter

  • Shares of Bank of Baroda closed at Rs 93.80 apiece, down 2.39% from the previous close

New Delhi: State-owned Bank of Baroda on Friday reported a jump of 73.2 percent in its net profit to Rs 736.68 crore in the second quarter ended 30 September.

The bank had posted a net profit of Rs 425.38 crore in the corresponding quarter of the previous fiscal.

Its total income rose to Rs 22,097.91 crore for the second quarter of 2019-20, compared with Rs 13,429.95 crore a year ago, the bank said in a regulatory filing.

Bank of Baroda net profit jumps 73 to Rs 737 cr in September quarter lenders gross NPAs decline

Representational image. Reuters.

Bank of Baroda improved on its bad assets, with the gross non-performing assets (NPAs) coming down to 10.25 percent (Rs 69,968.95 crore) of the gross advances by the end of September 2019, compared with 11.78 percent (Rs 55,121.37 crore) in the year-ago period.

Net NPAs fell to 3.91 per cent (Rs 24,894.38 crore) from 4.86 per cent (Rs 21,059.22 crore).

However, the bank raised the provisions for bad loans and contingencies to Rs 4,209.16 crore for the quarter, from Rs 2,429.54 crore a year ago.

Of this, the provisions for bad loans and diminution value of restructured accounts for the quarter stood at Rs 3,425.33 crore, up from Rs 1,466.56 crore.

The bank said it received an amount of Rs 7,000 crore towards preferential allotment of equity shares from the government during the quarter.

Non-performing assets provisioning coverage ratio stood at 77.88 percent at the end of September 2019.

Shares of Bank of Baroda closed at Rs 93.80 apiece, down 2.39 percent from the previous close.

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