Bank of Baroda(BoB) on Friday reported a more than two-fold jump in net profit at Rs 528.26 crore for the first quarter of 2018-19 as provisions for bad loans dropped.
The bank had reported a net profit of Rs 203.39 crore in the same quarter of 2017-18. The bank had reported a huge net loss of Rs 3,102.34 crore in the previous January-March quarter.
Total income for the April-June period of 2018-19 edged up to Rs 12,787.71 crore from Rs 12,103.86 crore in the same period of preceding fiscal, the bank said in a regulatory filing.
The net interest income (NII) increased by 28.66 percent year on year and 9.47 percent quarter on quarter. Operating income (NII and other income) increased by 11.56 percent from a year ago.
Net Interest Margin (NIM) improved to 2.65 percent in June 2018 quarter from 2.51 percent during previous quarter, the bank said. Core fee income increased by 16.76 percent to Rs 794 crore. Bank's provisions for bad loans were brought down to Rs 1,759.72 crore for the first quarter of current fiscal from Rs 2,156.69 crore for the same period of 2017-18.
Gross NPAs in value terms dropped to Rs 55,874.81 crore at June-end this year from Rs 56,480.39 crore at end-March, but were up compared to Rs 46,172.77 crore at the end of June 2017.
Overall provisions and contingencies also came down to Rs 2,165.64 crore from Rs 2,368.05 crore.
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