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BoB Q2 net profit up 11.6% to Rs1,301 crore
MDT/PTI 23 October 2012

Total revenues of BoB, including interest income, rose by 19.6% to Rs9,550.86 crore

 
Mumbai: Public sector lender Bank of Baroda (BoB) posted 11.6% rise in net profit to Rs1,301.39 crore for the July-September quarter on the back of good growth in core income, reports PTI.
 
The bank's net profit stood at Rs1,166.08 crore in the same period last year.
 
Total revenues of BoB, including interest income, rose by 19.6% to Rs9,550.86 crore during the second quarter compared to Rs7,985.78 crore in the same period last year.
 
"Despite a difficult economic environment, we have consistently performed in all parameters in the recent past and hope to maintain the momentum," Bank of Baroda Chairman and Managing Director MD Mallya told reporters.
 
While the net interest income (core income) of the bank grew by 11.5% to Rs2,862.30 crore in the quarter, the net interest margin (NIM) stood at 3.22% for domestic operations.
 
"There was an apprehension in the market that NIM would be impacted due to the current economic environment. However, we were able to protect the NIM," he said.
 
During the second quarter, the bank, however, witnessed a rise in non-performing assets (NPA).
 
The gross NPAs rose to 1.98% of loan assets as on September 2012, compared to 1.41% at the end of second quarter of the previous fiscal. Similarly, net NPA stood at 0.82% in the quarter.
 
"We hope that net NPA will be maintained below 0.9%," Mallya said.
 
The total restructuring in the second quarter stood at Rs930 crore.
 
"Restructuring pipeline is not big for the bank and there are only one or two accounts which are considered for restructuring," he said, adding that the fresh NPA addition in the second quarter stood at around Rs 1,340 crore.
 
The bank also said its current account, savings account (CASA) ratio stood at 32% by the end of second quarter.
 
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