Bank of Baroda’s Q3 standalone net profit up over 320%

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Mumbai, Jan 29 (IANS) State-run lender Bank of Baroda on Tuesday reported a robust rise of 320.54 per cent in its standalone net profit for the third quarter of 2018-19.

According to the lender, the net profit during the quarter under review rose to Rs 471 crore from Rs 112 crore reported for the corresponding period of the previous financial year.

The bank’s net interest income grew by 16.62 per cent to Rs 4,744 crore during the quarter ended December 31, 2018, compared to Rs 4,068 crore in the corresponding period of the previous fiscal.

However, the provisioning for NPAs increased by 8.27 per cent to Rs 3,416 crore from Rs 3,155 crore made during the corresponding period of last fiscal.

As per a bank’s statement, fresh slippage stood at Rs 2,933 crore on account of Rs 1,169 crore slippage of IL&FS.

“Gross NPA (GNPA) was Rs 53,184 crore as on December 31, 2018 compared to Rs 55,121 crore as on September 30, 2018. GNPA ratio declined to 11.01 per cent Q-o-Q from 11.78 per cent as on September 30, 2018,” the bank said in a statement.

“Net NPA ratio declined to 4.26 per cent as on December 31, 2018 from 4.86 per cent as on September 30, 2018. Absolute amount of Net NPA also declined to Rs 19,130

crore from Rs 21,059 crore as on September 30, 2018.”

The lender’s scrip at the BSE rose 4.26 per cent or Rs 4.65 to Rs 113.85 from its previous close of Rs 109.20.

–IANS

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