State-owned lender Bank of Baroda on Friday reported a 343.54% jump in its net profit for the quarter ended September to Rs 552.12 crore, compared with Rs 124.48 crore a year ago.
The jump in the bottomline came on the back of a 34.5% year-on-year rise in interest earned from balances maintained with the Reserve Bank of India (RBI) and other inter-bank funds. Non-interest income grew 36.5% y-o-y to Rs 1,561.43 crore.The bank’s net interest income, or the difference between the interest earned from loans and that expended on deposits, rose 5.6% y-o-y to Rs 3,426.10 crore. The domestic net interest margin stood at 2.85%, against 2.8% in the previous quarter.Provisions fell 5.07% y-o-y to Rs 1,795.84 crore. At the end of September, Bank of Baroda’s gross non-performing assets (NPAs) constituted 11.35% of its loan portfolio, against 11.15% at the end of June and 5.56% at the end of September 2015.
Net NPAs, however, declined on a sequential basis to 5.46% from 5.73%. The year-ago figure was 3.08%.
Andhra Bank net profit slumps 80%
Increased provisioning for bad loans pulled the net profit of public sector Andhra Bank down by 80% to Rs 51.42 crore for the quarter ended September 30.
Provisioning for bad loans increased to Rs 956.81 crore, up 82% from Rs 524.86 crore in the year-ago period. Gross non-performing assets (NPAs) jumped to 11.49% from 5.71% in the same period last year.