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Bank of Baroda profit vaults 89%

Mumbai, Oct. 31: Bank of Baroda has posted an 89.16 per cent jump in net profit to Rs 259.56 crore for the second quarter ended September 30, 2003 compared with Rs 137.22 crore in the same period last fiscal. The bank’s robust performance was primarily due to reduction in interest expenses and profit on sale of investments.

Total income grew 7.4 per cent at Rs 2,049.31 crore against Rs 1,907.97 crore in the year-ago period, chairman and managing director P. S. Shenoy said today.

For the first six months of this fiscal, net profit and total income rose to Rs 504.03 crore (Rs 320.06 crore) and Rs 3,846.28 crore (Rs 3,602.1 crore) respectively.

Gross non-performing assets at Rs 4,108 crore as on September 2003 was lower from Rs 4,484 crore in the year-ago period. Similarly net NPAs at Rs 1,086 crore has come down from Rs 1,443 crore last year.

In an effort to change the culture of the organisation and make optimum utilisation of existing manpower, BoB board today approved a human resource policy, which includes setting up a leadership institute.

IndusInd Bank net up

IndusInd Bank has posted a net profit of Rs 76.23 crore for the second quarter ended September 30 as against Rs 25.38 crore in the same period last year.

Total income for the reporting quarter stood at Rs 288.29 crore as against Rs 220.65 crore last fiscal. Interest income in the second quarter rose to Rs 190.71 crore (Rs 148.65 crore).

Net profit and total income for the six months ended September stood Rs 100.87 crore (Rs 42.86 crore) and Rs 511.49 crore (Rs 460.56 crore) respectively.

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