Bank of Baroda net profit falls 36 per cent
By Express News Service | Published: 15th November 2017 08:45 AM |
MUMBAI: As provisioning for bad loans continued to rise, Bank of Baroda (BoB) saw its net profit dip 36 per cent at Rs 355 crore for the quarter ended September 2017, while total income rose 3.68 per cent to Rs 12,490 crore. According to BoB, provisioning towards bad loans rose to Rs 1,847.22 crore during the quarter under review against Rs 1,630.45 crore a year before.
The state-run bankalso made a provision of 20 per cent on secured sub-standard advances as opposed to the regulatory requirement of 15 per cent. It also made an additional provision of Rs 22.06 crore towards standard advances to stressed sectors.
Meanwhile, net interest income rose 8.58 per cent to Rs 3,720 crore over the previous year while income from other sources shot up 11.20 per cent to Rs 1,737 crore.
Asset quality improves
Gross NPAs fell marginally to 11.16% (H46,306 crore) of total gross loans from 11.35% during the year-ago period. Net NPAs fell to 5.05% (H19,572 crore) of net advances from 5.46% last year