Bank of Baroda, on Monday, reported a net profit of Rs.1,301 crore for the second-quarter ended September 30, 2012, as compared to Rs.1,166 crore for the corresponding period of the previous year, up 11.57 per cent.
The bank earned interest income of Rs.8,722.55 crore against Rs.7,251.44 crore, up 20 per cent.
Advances grew by 22 per cent while deposits increased by 23 per cent.
Gross non-performing assets (NPAs) jumped 72 per cent to Rs.5,879 crore from Rs.3,402 crore in the corresponding period last year. Gross NPAs rose to 1.98 per cent of loan assets as on September 30, 2012, as compared to 1.41 per cent at the end of the second quarter of the previous fiscal.
Net NPAs grew by 113 per cent to Rs.2,385 crore from Rs.1,118 crore in the corresponding period of the previous year.
Provisions for bad loans were up 33 per cent at Rs.646 crore against Rs.483.35 crore in the corresponding period of last year.
“Results are below estimates largely on account of fall in provision coverage ratio by 330 basis points at 63.5 per cent against 65.3 per cent in the previous quarter,” said Rikesh Parikh, Vice-President-Markets Strategy and Equities, Motilal Oswal Securities.
Keywords: Bank of Baroda