Business

BoB net rises 160% on net interest income

BoB net rises 160% on net interest income
Mumbai, Jul 28 (Agencies): | Publish Date: 7/29/2018 12:00:00 AM IST

 State-run lender Bank of Baroda posted 160% increase in net profit to Rs.528.26 crore for the quarter ended June 30 as compared with Rs.203.26 crore in the year-earlier period. The rise in profit was driven by 28.7% growth in net interest income to Rs.4,381 crore. The bank had reported a net loss of Rs.3,102.34 crore in the January-March quarter. Credit growth year-on-year grew 19.84% while retail loan growth was 33.9%. Within retail loans, home loans grew 43.47%. Net interest margin (NIM) improved to 2.7% from 2.5%. Core fee income rose 16.7% to Rs.794 crore. Provision for bad loans came down to Rs.1,759.72 crore from Rs.2,156.69 crore. Gross NPAs as at June end was 12.5% on gross advances compared with 11.4%. Overall provisions and contingencies also reduced to Rs.2,165.64 crore from Rs.2,368.05 crore.

“During the quarter, the bank has made provision of Rs.522.43 crore in respect of 26 borrower accounts under the provisions of Insolvency and Bankruptcy Code (IBC) and RBI directions. 
The total provision made on these accounts is Rs.831.80 crore,” the bank said.

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