Earnings of BoB down 56%

Mumbai: Bank of Baroda's third-quarter net profit plunged 56 per cent to Rs 112 crore. The bank had posted a net profit of Rs 253 crore a year ago.

Total income, however, was up 6.53 per cent to Rs 12,976 crore during the quarter against Rs 12,181 crore in the year-ago period, the bank said in a regulatory filing.

Net interest income grew 40.20 per cent to Rs 4,394 crore in October-December of 2017-18 from Rs 3,134 crore in same period of 2016-17.

Gross non-performing assets (NPAs) of the bank touched 11.31 per cent of gross advances by the end of December 2017 from 11.40 per cent in the same period a year ago.

In value terms, gross NPAs reached Rs 48,480.44 crore by the end of December 2017 from Rs 42,642.40 crore.

Net NPAs, or bad loans, however, fell to 4.97 per cent of net advances by the end of the third quarter for this fiscal from 5.43 per cent a year ago.

In absolute value, it was at Rs 19,852.15 crore against Rs 19,006.33 crore a year ago.

Thus, the bad loan provisions for the quarter rose 92.61 per cent to Rs 3,155 crore against Rs 1,638 crore in the year-ago period.

NPA provisioning coverage ratio stood at 68.03 per cent as on December 31, 2017, the bank said in a regulatory filing. Total deposits of the bank stood at Rs 5.73 lakh crore as on December 31, 2017 against Rs 5.89 lakh crore a year ago.


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