Bank of Baroda on Thursday said its first quarter net profit rose 34% on the back of higher net interest income and other income.
The state-owned lender posted a net profit ₹710 crore for the quarter ended 30 June compared to ₹528 crore in the year-ago period. Profit was lower than ₹857 crore estimated by a Bloomberg poll of 17 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 48% to ₹6,498 crore from ₹4,381 crore in the corresponding period last year.
Other income, which includes core fee income, rose 67% to ₹1,916 crore in the three months from ₹1,148 crore a year ago.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 10.28% in the June quarter compared with 9.61% in the Jan-Mar quarter and 12.46% in the year-ago June quarter.
Provisions during the quarter increased 52% to ₹3,285 crore as against ₹2,166 crore in the year-ago quarter. In the Jan-Mar quarter, the bank had set aside ₹5,399 crore in provisions
Post-provision, the net NPA ratio was at 3.95% against 3.33% in the Jan-Mar quarter and 5.40% in the year-ago quarter.
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