State-owned Bank of Baroda (BoB) today reported a steep 68 per cent decline in net profit at Rs 333.98 crore for the third quarter ended December 31 on account of higher provisioning.
The bank had posted net profit of Rs 1047.84 crore for the October-December quarter of last fiscal.
The total income of the bank increased to Rs 11,808.34 crore, from Rs 10,622.80 crore in the year-ago period, BoB said in a filing to the BSE.
Provisioning for bad loans and contingencies rose to Rs 1,262.25 crore in third quarter of 2014-15 as compared to Rs 761.87 crore in the same period of the last fiscal.
For the first nine months of 2014-15, the bank's net profit declined by 17.2 per cent to Rs 2,800.08 crore as compared to Rs 3,383.81 crore in the same period of the previous fiscal.
It reported total income of Rs 35,308.16 crore in the first three quarters, as against Rs 31,787.60 crore in the same period of last financial year.
As on December 31, BoB's gross non-performing assets (NPAs) rose to 3.85 per cent of gross advances as against 3.32 per cent in the same quarter of the previous fiscal.
It's net non-performing assets also rose to 2.11 per cent from 1.88 per cent during the period under review.
