Bank of Baroda extends gains after declaring Q1 result

Bank of Baroda advanced 4.02% to Rs 159.20 at 11:52 IST on BSE after net profit fell 22.74% to Rs 1052.15 crore on 4.8% increase in total income to Rs 12243.72 crore in Q1 June 2015 over Q1 June 2014.

The result was announced during trading hours today, 30 July 2015.

Meanwhile, the S&P BSE Sensex was up 281.11 points or 1.02% at 27,844.54

On BSE, so far 10.85 lakh shares were traded in the counter as against average daily volume of 7.22 lakh shares in the past one quarter.

The stock hit a high of Rs 160.25 and a low of Rs 153.60 so far during the day. The stock hit a record high of Rs 228.90 on 23 January 2015. The stock hit a 52-week low of Rs 137.50 on 29 June 2015.

The stock had outperformed the market over the past one month till 29 July 2015, rising 6.17% compared with Sensex's 0.3% decline. The scrip, however, underperformed the market in past one quarter, sliding 11.15% as against Sensex's 1.24% gain.

The large-cap PSU bank has an equity capital of Rs 442.30 crore. Face value per share is Rs 2.

On absolute basis, Bank of Baroda (BoB)'s gross non-performing assets (NPA) edged higher to Rs 17273.95 crore as on 30 June 2015 from Rs 16261.45 crore as on 31 March 2015 and Rs 12086.81 crore as on 30 June 2014. The ratio of gross NPAs to gross advances stood at 4.13% as on 30 June 2015, compared with 3.72% as on 31 March 2015 and 3.11% as on 30 June 2014. BoB's ratio of net non-performing assets (NPAs) to net advances stood at 2.07% as on 30 June 2015, compared with 1.89% as on 31 March 2015 and 1.58% as on 30 June 2014.

Provisions and contingencies rose 13.87% to Rs 599.74 crore in Q1 June 2015 over Q1 June 2014. The provisioning coverage ratio stood at 64.94% as on 30 June 2015. The bank has made provision at 20% on Secured Sub-standard Advance as against the regulatory requirement of 15%.

The employee cost in Q1 June 2015 includes provision of Rs 262.73 crore on account of pay revision. Consequent upon wage revision effective from 1 November 2012 and pending final payment, the bank holds an estimated provision of Rs 1313.46 crore as on 30 June 2015 on account of wage revision and employee benefit for wage revision.

The bank's Capital Adequacy Ratio (CAR) as per Basel III norms stood at 11.98% as on 30 June 2015, compared with 12.60% as on 31 March 2015 and 11.91% as on 30 June 2014.

The Government of India holds 57.53% stake in Bank of Baroda (as per the shareholding pattern as on 30 June 2015).

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