Public sector lender Bank of Baroda said on Saturday its net profit for the second quarter ended 30 September has grown 20.81% to Rs 395.29 crore as against Rs 327.19 crore during the corresponding period last year.
Total income touched Rs 4, 026.90 crore during the quarter as against Rs 3,333.83 crore, up by 20.79%. Interest earned for the quarter augmented 23.31% to Rs 3,550.98 crore from Rs 2,879.77 crore, while total income grew 20.79% to Rs 4,026.90 crore, as compared to the previous year.
The bank?s net non-performing assets (NPAs) are down to 0.43% as on September 2008, as against 0.55% during the same period last year.
Bank of Baroda chairman and managing director MD Mallya said the bank would focus on growing its domestic operations and fee-based income in future. ?We plan to lower our dependence on bulk deposits and focus on growing the asset quality of the business,? he said.
During the quarter, the bank had provisions of Rs 450 crore, both on the domestic and international front, towards depreciation of bond portfolio and investments in credit instruments. On the domestic front, Rs 274.49 crore has been provided, including Rs 22.5 crore exposure to Lehman Brothers while the remaining on credit linked notes (CLN). On the international front, the bank provided a provision of Rs 175.85 crore.