Public sector lender Bank of Baroda posts 4-fold rise in third quarter with net Rs. 471 cr

Public sector lender Bank of Baroda (BoB) Tuesday reported an over four-fold jump in net profit at Rs 471.25 crore for the third quarter ended December 2018. The bank had logged a net profit of Rs 111.78 crore in October-December 2017.

Total income in the reported quarter increased at Rs 14,562.85 crore as compared to Rs 12,976.28 crore in the year-ago period, BoB said in a regulatory filing. The bank's asset quality improved a tad with gross non-performing assets (NPAs) falling to 11.01 percent of gross loans as of December-end 2018 against 11.31 percent in the year-ago period.

Net NPAs or bad loans too came down to 4.26 percent of total advances from 4.97 percent by December-end 2017. In absolute value, gross bad loans of the lender stood at Rs 53,184.28 crore as on December 31, 2018 as compared to Rs 48,480.44 crore a year ago. As a result, provisions for non-performing asset during the reported quarter rose to Rs 3,416.02 crore as compared to Rs 3155.28 crore in the same period of 2017-18.