NEWS & ADVICE : HOME LOANS
Bank of Baroda posts slip in Q3 net profit by 21.6%
By Joseph Samson
Feb 5, 2013
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The public sector lender, Bank of Baroda reported dip in net profit by 21.6% for the third quarter of the current financial year, which ended on December 31st, 2012. The slip in net profit was due to higher provisioning for bad loans coupled with dip in non-interest income for October-December quarter.

Bank of Baroda posted a net profit of Rs 1,012 crore which is down by 21.6 per cent, compared with Rs 1,290 crore in the corresponding period of the previous year.

Net interest income (NII) grew by 7 per cent at Rs 2,841 crore as compared to Rs 2,656 crore in the corresponding period of last year. However, non-interest income sliped by 27 per cent at Rs 841 crore againstRs 1,149 crore.

Provisions for bad loans were higher at Rs 817 crore against Rs 509 crore for year ago period. During the quarter, bad loans, in gross terms, rose by Rs 1,442 crore to Rs 7,321 crore.

Non-interest incomes mainly due to decline in trading gains and dip in profit on exchange transactions.

Bank of Baroda is expecting a capital infusion of Rs 850 crore from the Central Government.


 


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