Bank of Baroda reports 19.7 pct increase in net profit during Q2 2018-19

State-owned Bank of Baroda Tuesday reported an increase of 19.7 per cent in September quarter profit at Rs 425.38 crore as it marginally improved the NPA position.

The bank had posted a profit of Rs 355.36 crore in July-September quarter of 2017-18.

"Net profit increased by 19.72 per cent to Rs 425 crore. Consolidated net profit increased by 39.71 per cent Y-o-Y at Rz 686 crore," the bank said in a regulatory filing.

Bank of Baroda's total income during the July-September 2018 quarter stood at Rs 13,429.95 crore, up from Rs 12,490.39 crore in the year-ago period.

The lender informed that fresh slippage (new NPA) was at Rs 2,281 crore, lowest in seven quarters.

"Credit cost decreased to 1.31 per cent in September 2018 from 1.82 per cent last year. Provision for NPAs at Rs 1,467 crore was at a nine-quarter low," it said.

Net Non-Performing Asset (NPA) ratio declined to 4.86 per cent as on September 30, 2018, from 5.40 per cent as on June 30, 2018, and 5.05 per cent in the year-ago quarter.

The absolute amount of net NPAs also declined by Rs 1,325 crore quarter-on-quarter.

Net Interest Margin (NIM) improved to 2.61 per cent in September 2018 from 2.34 per cent in September 2017 but was marginally lower on a quarter on quarter basis.

Scrip of the bank closed at Rs 110 on BSE, up 2.76 per cent.

(With inputs from agencies.)