BoB posts 85% rise in bottom line for Q1

Backed by healthy interest income and trading profits, Bank of Baroda (BoB) has posted an 84.8 per cent rise in its net profit at Rs 685.38 crore for the first quarter ended June 2009 as against 370.86 crore in April-June 2008.

Its total income rose 24.4 per cent to Rs 4,735.15 crore, while net interest income increased 14 per cent to Rs 1,204.70 crore, Chairman and Managing Director M D Mallya said.

The non-interest income rose by 37.2 per cent to Rs 703.04 crore on the back of strong trading gains. The bank has made an additional provision of Rs 148.13 crore in certain identified non-performing asset accounts during the first quarter.

Bank of India net rises marginally to Rs 584 cr
Bank of India has posted a 3.91 per cent rise its net profit of Rs 584.32 crore for the first quarter ended June 30, 2009 as compared to Rs 561.95 crore a year ago.

Its total income for the reporting quarter increased to Rs 5,023.61 crore from Rs 4,114.74 crore in June 2008. Net interest income rose 10.16 per cent to Rs 1,301 crore from Rs 1,181 crore a year ago, while the net interest margin declined to 2.42 per cent from 2.89 per cent. Non-interest income comprising streams such as commissions and treasury earnings rose by 14.13 per cent from Rs 566 crore to Rs 646 crore.

At the end of June 2009, total deposits increased 22.47 per cent to Rs 1,95,021 crore, while advances grew by 20.28 per cent to Rs 1,47,810 crore.

Central Bank net up 4-fold to Rs 267 cr
State-run Central Bank of India today reported over 4-fold growth in net profit at Rs 266.80 crore for the first quarter ended June 30, 2009. Total income rose by 24.24 per cent to Rs 3,196.06 crore during the first quarter, Central Bank of India said in a filing to the Bombay Stock Exchange.

During the April-June quarter, the bank’s interest income grew 16.22 per cent to Rs 2,802.48 crore, while interest expenditure rose by 15 per cent to Rs 2,225.30 crore over the same period last year.

Karnataka Bank net profit soars 93%
Mangalore-based Karnataka Bank has recorded a growth of 93.5 per cent in its June quarter net profit at Rs 40 crore compared to the corresponding quarter of the last financial year. During the period, total income increased 20 per cent to Rs 609.6 crore as against the same period last year.

Despite low credit offtake, the bank posted a high profit thanks to lower provisions and contingencies and an almost three-fold growth in its other income at Rs 132 crore, of which Rs 89 crore came from treasury income.

Provisions and contingencies declined 83 per cent to Rs 17.5 crore during the quarter. It provided Rs 17.5 crore for non-performing assets (NPAs), which declined to 0.95 per cent in June 2009 as against 1.39 per cent on June 30, 2008.

Managing Director P Jayarama Bhat said, “The first quarter was not encouraging for us this time as the credit offtake was very low. We have seen a credit deposit ratio of 56 per cent as against 62 per cent. There was no good quality credit proposals this quarter.”