Bank of Baroda Q3 profit marginally up at Rs. 1,048 crore

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Bank of Baroda on Thursday posted a marginal rise of 3.6 per cent in net profit at Rs. 1,047.84 crore in December quarter of the current financial year.

The bank had posted a net profit of Rs. 1,011.62 crore during the same quarter of the previous fiscal.

During the quarter under review, the total income increased to Rs. 10,622.8 crore from Rs. 9,685.51 crore, Bank of Baroda (BoB) said in a BSE filing.

Provisions towards bad loans and contingencies were trimmed to Rs. 761.87 crore in October-December period of this fiscal from Rs. 1,029.31 crore in the same quarter a year-ago.

However, net non-performing assets (NPAs) or bad loans grew to 1.88 per cent (Rs. 6,623.60 crore) of advances from 1.12 per cent (Rs. 3,363.23 crore) earlier.

Gross NPAs were also higher at 3.32 per cent (Rs. 11,925.76 crore), over 3.15 per cent (Rs. 7,321.45 crore) in the year-ago period.

The bank’s shares were trading at Rs. 542 apiece, down 0.08 per cent, on the BSE.