Bank of Baroda recorded 11.6 per cent growth in the net profit at Rs 1301 crore for the second quarter as compared to RS 1166 crore for the corresponding quarter of last year.
Net Interest Income increased 11.5 per cent at Rs 2862 crore as compared to Rs 2567 crore last year. Net Interest Income is the difference between the interest earned and expended.
While, other income which includes core fee based income, income from foreign exchange transactions , treasury income and recovery in written-off accounts also increased 13 per cent to Rs 828 crore (Rs 734 crore).
The Net Interest Margin stood at 3.22 per cent for domestic operations. Gross NPAs increased 1.98 per cent as compared to 1.41 per cent last year. Net NPA stood at 0.82 per cent. In the second quarter the bank recorded growth in the non-performing assets (NPA).
Mr. MD Mallya, CMD of BOB said, "Despite a difficult economic environment, we have consistently performed in all parameters in the recent past and hope to maintain the momentum".
The bank is also expecting growth of 19-20 percent ion the deposits and advances.