State-run Bank of Baroda reported a jump of 42.8% at Rs 1,294 for quarter-ended March 2011 compared to Rs 906 for same period last year. Net interest income of the bank was up 49.47% at Rs 2,613 crore versus Rs 1,745 year-on-year.
Speaking at a press conference, chairman and managing director MD Mallya said the bank’s operating profit has increased from Rs 4,935 crore last year to Rs 6,982 crore for the current year. “The net profit also showed a very robust growth of 39% from Rs 3,058 crore last year to Rs 4,242 crore in the current year.”
Mallya said the robust operating profit and the net profit was on account of substantial improvement in net income of the bank. “The net interest of the bank recorded a growth of 48% during the year 2010-11,” he said.
The overall business of the bank also showed robust growth. “The total global business has increased to a level of Rs 5,36,765 crore, which represents a growth of 28%,” he said.
Source: www.moneycontrol.com
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DENIP Consultants Pvt Ltd
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