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  1. Bank of Baroda Q1 net profit falls 60% to Rs 423.62 crore

Bank of Baroda Q1 net profit falls 60% to Rs 423.62 crore

Bank of Baroda reported 59.73 per cent year-on-year fall in net profit figures at Rs 423.62 crore for the quarter ended June 30, 2016 against Rs 1052.15 crore in the corresponding quarter a year ago.

By: | New Delhi | Updated: August 11, 2016 9:35 AM
Bank of Baroda Bank of Baroda reported 59.73 per cent year-on-year fall in net profit figures at Rs 423.62 crore for the quarter ended June 30, 2016 against Rs 1052.15 crore in the corresponding quarter a year ago. (Photo: Reuters)

Bank of Baroda reported 59.73 per cent year-on-year fall in net profit figures at Rs 423.62 crore for the quarter ended June 30, 2016 against Rs 1052.15 crore in the corresponding quarter a year ago. Net interest margin of the bank fell by 2.56 per cent year-on-year to Rs 3371.09 crore during the quarter under review. Total income fell to Rs 1,1877.91 crore during the quarter under review as against 1,2243.72 crore in the same period a year ago.

Gross non-performing assets (NPAs) of Bank of Baroda stood at Rs 42,992.68 crore for the quarter ended June 30, 2016 against Rs 17,273.95 crore year ago. The net NPAs increased to Rs 20,783.77 crore from Rs 8470.02 crore.

Asset quality of the bank deteriorated further as percentage of gross non-performing assets (NPAs) rose to 11.15 per cent of gross advances as on June 30, 2016 against 9.99 per cent for the sequential quarter ended March 31, 2016. Percentage of net NPAs stood at 5.73 per cent against 5.06 per cent on quarter on quarter basis. Fresh slippages of the bank stood at Rs 5527 crore for the quarter ended June 2016 against Rs 5932 crore for the quarter ended March 31, 2016.

Shares of the bank were trading 5.58 per cent down at Rs 151.35 in the morning trade.

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