Bank of Baroda net falls 32% to Rs 1,029 crore

Total income grows by 14% to Rs 10,262.50 crore

State-owned banking and financial services company Bank of Baroda reported a 32% fall in net profit today at Rs 1,028.85 crore during the final quarter ended March 31, 2013 as against Rs 1,518.18 crore reported during the same quarter last year.

Total income for the reporting quarter grew to Rs 10,262.50 crore, a growth of 14% as compared to Rs 9,016.31 crore posted in the same quarter previous year.

Interest income of the company grew by 12% to Rs 9,071.57 crore for the quarter as against Rs 8,118.52 crore.

For the full year ended March 31, 2013, the bank posted a net profit of Rs 4,480.72 crore, down from Rs 5,006.96 crore in 2011-12.

Total income for 2012-13 increased to Rs 38,827.28 crore from Rs 33,096.05 crore for the year ended March 31, 2012.

On a cosolidated basis, the group posted net profit of Rs 4,804.23 crore for the year ended March 31, 2013 as compared to Rs 5,248.57 crore for the year ended March 31, 2012, it said.

Total income (consolidated) increased from Rs 34,588.91 crore for the year ended March 31, 2012 to Rs 40,952.68 crore for the year ended March 31, 2013.

The net non-performing assets (NPAs) or bad loans of the bank during the quarter under review rose to 1.28% from 0.54% a year earlier. Gross NPAs also moved up to 2.40% from 1.53% a year ago.

Bank of Baroda said it expects to grow 3 to 4% above the industry growth in 2013/14 despite the debt restructuring of about Rs 25 billion in the June quarter.

"Going forward, restructuring is something we will be living with over a couple of quarters," Chairman S S Mundra said.