CorporateBank of Baroda profit jumps 60% to Rs 634 cr
Public sector lender Bank of Baroda (BoB) today reported a jump of 60 per cent in net profit to Rs 634.18 crore for the second quarter ended September over the corresponding period a year earlier.
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The bank had a net profit of Rs 395.29 crore during the September quarter last financial year.
Total income of the bank rose to Rs 4,730.75 crore in the latest quarter of the current fiscal from Rs 4,026.90 crore of the corresponding period a year ago, Bank of Baroda said in a filing to the Bombay Stock Exchange (BSE).
For the half-year ended September 30, 2009, Bank of Baroda registered a net profit of Rs 1,319.56 crore, up 72 per cent compared to Rs 766.14 crore of the same period last fiscal.
Shares of Bank of Baroda were trading at Rs 506.70, up 4.10 per cent in afternoon trade on the BSE.
Net interest margin (NIM), the spread between interest earned and interest expended, stood at 2.89 per cent in Q2 FY10. The bank expects to maintain NIM at same level during the fiscal, Mallya said.
The bank"s gross and net NPAs, during the quarter, declined to 1.30 per cent and 0.27 per cent from 1.62 per cent and 0.43 per cent in the corresponding period in last year.
The lender has targeted to contain the delinquencies below 1.25 per cent for the full fiscal, Mallya said, adding the bank"s loan loss coverage ratio is at 79.29 per cent, much above the RBI stiuplation of 70 per cent.
The bank is adequately capitalised with a capital adequacy ratio of 14.67 per cent. Its branch netwrok, currently 3,029, is expected to go up and the bank has 74 applications pending with the RBI in the current fiscal, Mallya said.
Total income during the period under review rose to Rs 4,730.75 crore from Rs 4,026.90 crore of the corresponding period a year ago.
For the half-year ended September 30, 2009, Bank of Baroda registered a net profit of Rs 1,319.56 crore, up 72 per cent from Rs 766.14 crore of the same period last fiscal.