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Bank of Baroda net down 5pc at Rs. 1,104 cr on higher tax outgo

State-owned lender Bank of Baroda’s net profit fell by a marginal 5.4 percent to Rs. 1,104.22 crore in the second quarter ended September 30, 2014 as the bank’s provisioning and tax outgo moved higher than the year-ago period.

The bank had reported net profit of Rs. 1,168.1 crore in the second quarter of the previous fiscal.

“Total income has increased from Rs. 10,447.31 crore for the quarter ended September 30, 2013 to Rs. 11,817.32 crore for the quarter ended September 30, 2014,” it said in a filing to the BSE.

Tax expenses of the bank rose to Rs. 410.67 crore during Q2-FY15, up from Rs. 80.10 crore in the similar quarter of previous fiscal.

Bank’s provisioning towards bad loans and contingencies were raised to Rs. 888.04 crore during the quarter, up from Rs. 860.83 crore in corresponding period, a year ago.

The gross non-performing assets (NPAs) or the bad assets of the banks stood at 3.32 per cent of the total advances as of September 30, 2014, up from 3.15 per cent in the same quarter of the previous fiscal.

Net NPAs, however, came down to 1.74 per cent from 1.86 per cent a year ago.

Shares of the bank were trading at Rs. 950 apiece on BSE, down 0.28 per cent from the previous close.

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