Bank of Baroda posted
a 321.6 percent year-on-year (YoY) increase in its December quarter net profit
at Rs 471.21 crore on strong growth in interest income and improved asset
quality.
Net
interest income (difference between interest earned and expended) increased to
Rs 4,744 crore in Q3. Adjusting for IT refund of Rs 326 crore in December 2017,
NII increased by 16.62 percent YoY. The domestic core fee income increased by
16.11 percent YoY to Rs 771 crore.
"With
the bank on-boarding corporate customers on the basis of a well-defined target
market and retail customers on a score-based approach, the credit quality of
recently acquired portfolio has shown distinct improvement as measured by
credit score external ratings available with credit rating agencies," Bank
of Baroda said in a statement.
Provision for bad loans was at Rs 3,416 crore
in Q3, up from Rs 3,155 crore in the year ago period.
Also read- Q3FY19 Results of all Public & Private Sector banks in India
Also read- Q3FY19 Results of all Public & Private Sector banks in India
Gross non-performing
assets (NPA) ratio stood at 11.01 percent for Q3FY19 compared to 11.31 percent
a year ago, and 11.78 percent in the September quarter. Net NPA ratio declined
to 4.26 percent in Q3Fy19 compared to 4.97 percent a year ago and 4.86 percent
in the September quarter.
The bank's Net
Interest Margin (NIM) improved to 2.69 percent in Q3FY19 from 2.61 percent in
the previous quarter.Domestic advances grew
by 21.13 percent YoY to Rs 3,52,472 crore. This was led by retail loans which
grew by 32.58 percent, the bank said.
It
added that fresh slippage was at Rs 2,933 crore on account of Rs 1,169 crore
slippage of IL&FS. Adjusting for IL&FS, it said that fresh slippage is
at the lowest level since June 2015.
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