Backed by healthy interest income and trading profits, Bank of Baroda has posted an 84.8 per cent rise in its net profit at Rs 685.38 crore for the first quarter ended June 2009 as against 370.86 crore in April-June 2008.
Its total income rose to 24.4 per cent to Rs 4,735.15 crore. The Net Interest Income (NII) grew by 14.0 per cent from Rs 1,057.01 crore in Q1 of 2008-09 to Rs 1,204.70 crore, its chairman and managing director M D Mallya said.
The Non-Interest Income rose by 37.2 per cent to Rs 703.04 crore on the back of strong trading gains.
The Bank has made additional provision of Rs 148.13 crore in certain identified NPA accounts during Q1, 2009-10.
Its total deposits were up by 28.2 per cent to Rs 1,98,609 crore, whereas total advances increased by 28.3 per cent to Rs 1,42,672 crore in Q1, 2009-10. The share of low cost deposits (savings and current accounts) stood at 35.09 per cent.
Its gross non-performing assets declined to 1.44 per cent from 1.86 per cent a year ago. Its net NPAs also dipped to 0.27 per cent from 0.52 per cent at end of June 2008.
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Its capital adequacy ratio stood at 14.09 per cent.