BoB Q4 net at Rs 1,029 cr

Mumbai : Bank of Baroda (BoB) posted a 32 % fall in net profit to Rs 1,029 crore in the January-March quarter due to higher provisions for bad debts. The bank saw its asset quality worsening year-on-year but improving sequentially.

While gross NPAs rose to 2.40 % from 1.53 % a year earlier, net NPAs more than doubled to 1.28 % from 0.54 % a year ago. However, it was better than the gross and net NPAs in the third quarter when it stood 2.41 % and 1.12 % respectively.

BoB Q4 net at Rs 1,029 cr

Accordingly, provisions nearly doubled to Rs 1,598.40 cr in the quarter from Rs 843.68 crore a year ago.

 Chairman and Managing Director S S Mundra was optimistic about asset quality improving going ahead.

He said, “though I can’t give any specific guidance for gross and net NPAs for this fiscal, things will improve in the asset quality front in the current fiscal as asset quality has shown stabilisation sequentially.”

For the full fiscal also, its net profit came down by 10.5% to Rs 4,481 crore, from Rs 5,007 crore in FY12. Total income for the quarter rose 13.8 % to Rs 10,262.50 crore.

While net interest income (NII) of the public sector lender rose marginally by 0.6 % to Rs 2,813.99 crore, net interest margin (NIM) came down to 2.51 % from 2.96 % a year earlier. For the whole fiscal, consolidated NIM (domestic and global operations) stood at 2.66 %, with domestic NIM being 3.11 %. Total provisions jumped to Rs 1,598.40 crore in Q4 from Rs 843.68 crore in the same period last fiscal.

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