PROFIT BOOKING

Mumbai, July 28: The Bank of Baroda has registered a net profit of Rs 330.84 crore for the quarter ended June 30, a 102.6 per cent growth over Rs 163.32 crore clocked in the corresponding period of the previous fiscal. Total income rose about 38 per cent to Rs 3,024.8 crore from Rs 2,192.87 crore a year ago.

The bank said the rise in profit was led by fee-based income and profits from sale of investments. The bank’s operating profit was up 28 per cent at Rs 644.5 crore in the quarter. Global cost of deposits has increased by 101 basis points year-on-year. Global yield on advances increased by 130 basis points.

The Bank of Baroda said its growth in total income could be attributed to interest earned on advances, which has recorded an increase of 57.3 per cent over the previous fiscal. Interest income has increased by almost 35 per cent to Rs 2,654.6 crore this quarter from Rs 1,967.7 crore a year ago.

The bank’s total expenses during the quarter has increased by about 41 per cent to Rs 2,380.3 crore from Rs 1,689.4 crore in the corresponding period of the previous fiscal. It said this was a result of higher depreciation on additional assets and the subsequent growth in operating expenses.

The bank’s non-performing assets were at Rs 2,206.97 as on June 30 against Rs 2,554.73 crore as on March 31, 2006 — a 13.6 per cent reduction on a year-on-year basis.

The public sector bank has registered a capital adequacy ratio of 14.33 per cent against the minimum requirement of 9 per cent.

The bank’s total business has expanded 25 per cent to Rs 2,00,721 crore in the first quarter. Retail credit has surged 38.5 per cent to Rs 14,231 crore.