BoB net profit plunges 35 per cent

Bank of Baroda has posted a 35 per cent dip in net profit for the fourth quarter ended March 31, 2005, to Rs 101.04 crore down from Rs 156.02 crore in the corresponding period of the previous year.

The bank has declared a final dividend of 32 per cent amounting to Rs 107.01 crore in addition to interim dividend of 18 per cent amounting to Rs 59.95 crore.

For the full year ended March 31, 2005, the bank posted a 30 per cent fall in net profit to Rs 676.84 crore (Rs 967 crore). The operating profit for the year was down to Rs 2,301 crore (Rs 2,485.30 crore).

The drop in net profit has been mainly on account of the Rs 785 crore hit due to depreciation in the value of government securities held by the bank.

Bank of Baroda also provided Rs 171 crore towards amortisation of the voluntary retirement scheme and another Rs 213 crore towards wage revision of employees.

In Q4 the total income fell marginally to Rs 2,028.95 crore (Rs 2,053 crore) and total expenditure increased to Rs 1,393.97 crore (Rs 1,357 crore). Operating profit for the quarter fell to Rs 634.98 crore (Rs 695.94 crore).

Net interest income for the last quarter jumped by as much as 40 per cent to Rs 879.65 crore (Rs 628.18 crore).

Provisions and contingencies in Q4 increased to Rs 530.16 crore (Rs 454 crore).

Capital adequacy ratio of the bank ended the year at 12.61 per cent and the net NPA as a percentage to net advances decreased to 1.45 per cent.

During the year total deposits of the bank grew by 11.47 per cent to Rs 81,333 crore (Rs 72,967 crore). Total advances grew by 22 per cent to Rs 43,400 crore (Rs 35,601 crore).

Bank of Baroda's share price fell by 0.43 per cent on BSE to Rs 183.40.