Bank of Baroda net profit rises by 343.54%; provisions for bad loans decline
Gross non-performing assets (GNPA) got nearly doubled this quarter in comparison with previous year same period. GNPA stood at 11.35% this period, expanding by 579 basis points yoy and 20 basis points.
Bank of Baroda's Q2 net profit stood at Rs 552.12 crore, a rise of 343.54% compared to Rs 124.48 crore for the corresponding quarter of the previous year. It also growth of 30.33% on quarter-on-quarter (qoq) basis.
Surprisingly, provisions for badloans stood at Rs 1630.45 crore, which saw decline of 11.57% year-on-year (yoy) and 17.92% quarter-on-quarter (qoq).
Gross non-performing assets (GNPA) got nearly doubled this quarter in comparison with previous year same period. GNPA stood at 11.35% this period, expanding by 579 basis points yoy and 20 basis points.
Net Interest Income (NII) was at Rs 3426.10 crore, up by 5.59% yoy and 1.63% qoq. While Net Interest Margin (NIM) for domestic operations has improved from 2.80% to 2.85% while global margin improved to 2.29% from 2.23% last quarter.
Domestic CASA grew on an average by 14.95% (on y-o-y basis) and 3.34% (on q-o-q basis) driven by Savings bank deposit growth of 16.06% and 3.91% (on yo-y and q-o-q basis respectively).
Capital to risk asset ratio (CRAR Basel III) stood at 12.94% with Tier I ratio of 10.59% and CET 1 of 10.09%, excluding profits of current half year FY17.
Total Advances (Net) were INR 3,54,150 crore as at September 30, 2016 against Rs 4,14,900 crore as at September 30, 2015 and Average Advances (Gross - based on daily averages) were INR 3,76,955 crore and INR 4,06,391 crore respectively.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.