Bank of Baroda posts 19.7% increase in Q2 profit at Rs 425.4 crore; total income stands at Rs 13,429.95 crore
Bank of Baroda had posted a profit of Rs 355.36 crore in July-September quarter of 2017-18
Mumbai: State-owned Bank of Baroda Tuesday reported an increase of 19.7 percent in September quarter profit at Rs 425.38 crore as it marginally improved the NPA position.
The bank had posted a profit of Rs 355.36 crore in July-September quarter of 2017-18.
"Net profit increased by 19.72 percent to Rs 425 crore. Consolidated net profit increased by 39.71 percent Y-o-Y at Rz 686 crore," the bank said in a regulatory filing.
Bank of Baroda's total income during July-September 2018 quarter stood at Rs 13,429.95 crore, up from Rs 12,490.39 crore in the year ago period.
The lender informed that fresh slippage (new NPA) was at Rs 2,281 crore, lowest in seven quarters.
"Credit cost decreased to 1.31 percent in September 2018 from 1.82 percent last year. Provision for NPAs at Rs 1,467 crore was at a nine-quarter low," it said.
Net Non-Performing Asset (NPA) ratio declined to 4.86 percent as on 30 September, 2018 from 5.40 percent as on 30 June, 2018 and 5.05 percent in the year-ago quarter.
Absolute amount of net NPAs also declined by Rs 1,325 crore quartr-on-quarter.
Net Interest Margin (NIM) improved to 2.61 percent in September 2018 from 2.34 percent in September 2017, but was marginally lower on a quarter on quarter basis.
Scrip of the bank closed at Rs 110 on BSE, up 2.76 percent.
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The top gainers were UltraTech Cement, Mahindra & Mahindra, Maruti, Tata Steel and Tata Consultancy Services while the top losers were HCL Technologies, HDFC Bank, Axis Bank, Tech Mahindra and Sun Pharma