BoB net dips 77% to Rs 69.5 cr

BS 200 SCORECARD

Bank of Baroda (BoB) has posted a 77 per cent drop in net profit for the third quarter ended December 31, 2004 to Rs 69.50 crore down from Rs 306.95 crore in the corresponding period of the previous year.

For the nine months period, the bank posted a 29 per cent drop in net profit to Rs 575.80 crore (Rs 810.98 crore).

In the third quarter, the bank's operating profit dropped by 18.7 per cent to Rs 520.53 crore (Rs 640.17 crore). For the nine months too, the operating profit was down by 6.8 per cent to Rs 1,666.93 crore (Rs 1,789.4 crore).

Total income dropped by 4.6 per cent to Rs 1,877 crore (Rs 1,967 crore) and total expenditure increased by 2.2 per cent to Rs 1,356 crore (Rs 1,327 crore).

Net interest income increased marginally by 12 per cent to Rs 728.3 crore (Rs 650 crore). Other income dipped by 37 per cent to Rs 284.3 crore (Rs 449.4 crore).

Within other income, profit from sale of investments plummeted by 60.6 per cent to Rs 111.54 crore (Rs 283.17 crore). However, other income excluding the profit from sale of investments increased a tad by 3.9 per cent to Rs 172.75 per cent (Rs 166.24 crore).

Provisions jumped by over 166 per cent for the quarter were at Rs 500.8 crore (Rs 188.22 crore). The bank has made a Rs 52 crore provision towards the industry-wide wage hike.

BoB's net NPAs as a percentage of total advances has gone down to 2.11 per cent (3.46 per cent). Capital adequacy ratio stood at 13.94 per cent.

Domestic advances increased by 17.5 per cent on a year-on-year basis to Rs 32,066 crore (Rs 27,282.50 crore). Retail advances grew by 31.7 per cent to Rs 4,864.8 crore (Rs 3,692 crore).