State-run Bank of Baroda has reported a rise of over 20% (YoY) in its first quarter FY12 net profit. During the period, net profit of the company increased to Rs 1,033 crore against Rs 859.2 crore in the corresponding quarter last fiscal.
Net interest income too jumped nearly 24% to Rs 2,298 crore from Rs 1,858 crore year-on-year.
Bottomline was in-line with estimates while topline was below expectations. CNBC-TV18 poll saw NII at Rs 2436 crore and PAT at Rs 1029.5 crore.
Other income increased to Rs 641 crore from Rs 617 crore year-on-year.
Provisions increased significantly by 56% to Rs 391 crore in the April-Jun quarter from Rs 251 crore in same quarter the previous year. Provision coverage ratio of the bank stood at 83%.
Gross non-performing asset (NPA) of the bank increased to 1.46% from 1.41% in the year ago period. Even net NPAs went up to 0.44% from 0.39% year-on-year.
While addressing press conference post results, MD Mallya, CMD of Bank of Baroda said deposits were up 21% while advances shot up 24% in the first quarter of FY12.
Net interest margin declined on quarter-on-quarter to 3.39% versus 3.7% in the previous quarter. Cost to income ratio of the bank was 38.11%.
Source: www.moneycontrol.com
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DENIP consultants Pvt Ltd
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