Bank of Baroda, a leading public sector lender, has registered a 19.7% in its profit during the second quarter of the current financial year. The bank’s profit grew to Rs.425.38 crore during the period under review from Rs.355.36 crore in the July-September quarter of the previous financial year. The bank also stated in a regulatory filing that its consolidated net profit grew by 39.71% YoY to touch Rs.686 crore.
The public sector bank’s total income for the second quarter of FY19 was Rs.13,429.95 crore, in comparison to a total income of Rs.12,490.39 crore during the corresponding period in the previous financial year. Bank of Baroda also announced that the fresh slippage (new non-performing assets) stood at Rs.2,281 crore, which was the lowest in 7 quarters.
The bank added that credit cost reduced to 1.31% during the second quarter of the current financial year from 1.82% in the year-ago period. Further, the provision for non-performing assets (NPAs) at Rs.1,467 crore was also at a 9-quarter low. As on 30 September 2018, Bank of Baroda’s net NPA ratio reduced to 4.86% from 5.40% on 30 June 2018 and 5.05% in the year-ago period.
The net interest margin (NIM) increased to 2.61% during the July-September quarter of the current financial year from 2.34% in the year-ago period. However, in terms of a quarter-to-quarter basis, the net interest margin had marginally reduced.
Sources: The Times of India, Moneycontrol