Bank of Baroda's Q1 net profit up 160%
Mumbai : State-run lender Bank of Baroda on Friday reported an exponential rise of 160.10 per cent in its standalone net profit for the first quarter of 2018-19 aided by lower provisioning for non-performing assets (NPAs).
According to the lender, the net profit during the quarter under review rose to Rs 528 crore from Rs 203 crore reported for the corresponding period of the previous financial year.
The bank's net interest income grew by 28.66 per cent to Rs 4,381 crore during the quarter ended June 30, 2018 compared to Rs 3,405 crore in the corresponding period of the previous fiscal.
As per the statement, the provisioning for NPAs decreased by 18.41 per cent to Rs 1,760 crore from Rs 2,157 crore made during the corresponding period of last fiscal.
"Gross NPA (GNPA) of the bank was Rs 55,875 crore as on June 30, 2018 as compared to Rs 56,480 crore as on March 31, 2018. GNPA ratio was 12.46 per cent," the bank said in a statement.
"Net NPA ratio declined from 5.49 per cent in March 2018 quarter to 5.40 per cent in June 2018. Absolute amount of Net NPA also declined by Rs 1,099 crore Q-o-Q."