In Q2 of FY18, Bank of Baroda has reported a net profit that is 36% lesser than the profit they had earned in Q2 of last year. In the second quarter of last year, the state owned bank had recorded a profit of Rs.552 crore, whereas they has earned a profit of only Rs.335 crore this year.
Analysts had expected the bank’s profit to slip by 17%, while the actual drop in profit was 36%, a little more than twice the speculated percentage.
The plus side for the bank, however, was that both net interest income and loan growth rose by 8.58% and 14% respectively. The net interest income this quarter amounted to Rs.3,720 crore and loan growth stood at Rs.2.80 lakh crore. Retail loans and home loans also had respective growths of 25% and 34%
Net interest margin of the bank had a positive swing from 2.12% in the second quarter of the previous year to 2.31% in second quarter of the current year.
There was a slight improvement in the gross non-performing assets (NPA) as well for the Bank of Baroda. It had a marginal increase from 11.40% in the first quarter of the current fiscal year to 11.16% in Q2 of the same year. The NPA of the bank in the second quarter of FY18 was reported at Rs.46,307 crore. And the NPA in the first quarter amounted to Rs.46,172 crore.
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