Bank of Baroda net plunges 52% in Q1 | Business Line–12.08.2017

Net interest income was almost flat at ₹3,405 crore. Other income nudged up 7% to ₹1,551 crore

Bank of Baroda reported a 52 per cent decline in net profit to ₹203 crore in the first quarter ended June 30, 2017, against ₹424 crore in the year-ago quarter.

Operating profit was a tad lower at ₹2,648 crore in the reporting quarter against ₹2,669 crore a year ago.

Net interest income (the difference between interest earned and interest expended) in the reporting quarter was almost flat at ₹3,405 crore (₹3,371 crore in the year-ago quarter).

Other income nudged up 7 per cent to ₹1,551 crore (₹1,444 crore).

Net interest margin declined to 2.12 per cent against 2.23 per cent in the June 2016 quarter.

The share of retail credit and agriculture credit in domestic gross credit improved to 21 per cent (from 19 per cent in the June 2016 quarter) and 16 per cent (15 per cent), respectively.

Total deposits edged up 1.5 per cent year-on-year (y-o-y) to ₹5,70,608 crore. Percentage of current account, savings account (CASA) deposits to total domestic deposits as at June 30 was 38.77 per cent, up from 33.83 per cent a year earlier. Advances grew 4 per cent to ₹3,77,607 crore.

Provisions towards non-performing assets rose 9 per cent to ₹2,157 crore (₹1,986 crore).

Gross non-performing assets (GNPAs) rose by ₹3,454 crore during the quarter to ₹46,173 crore as at June-end 2017.

GNPAs as a percentage of gross advances moved up from 10.46 per cent in March to 11.40 per cent in June.

BoB results were declared after market hours. The bank’s scrip closed at ₹142.55, down 3.91 per cent over the previous close on the BSE.

(This article was published on August 11, 2017)

via Bank of Baroda net plunges 52% in Q1 | Business Line

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s