Bank of Baroda (BoB) has reported a 61 per cent jump in its net profit at Rs 254.38 crore in the third quarter ended December 31, 2002 as against Rs 158.13 crore in the corresponding quarter in the previous financial year.
In the nine months ended December 31, 2002, the bank has reported a 30.80 per cent rise in its net profit at Rs 574.44 crore against Rs 439.18 crore in the corresponding period last year. The net profit in the reporting nine months is higher than the full year profit of Rs 545.92 crore during the year ended March 31. 2002.
In the reporting quarter, total interest earned increased by 5.38 per cent to Rs 1530 crore (Rs 1451.91 crore in Q3 of 2001-02) and other income (including profit from sale of investments) vaulted by 48.60 per cent to Rs 375 crore (Rs 252.35 crore). Profit from sale of investments soared by 54 per cent to Rs 197.55 crore (Rs 128.37 crore).
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Interest expenses in the reporting Q3 came down by 2.09 per cent to Rs 983.56 crore (Rs 1004.54 crore), while operating expenses increased by 4.12 per cent at Rs 390.54 crore (Rs 375.07 crore).
Gross non-performing assets (NPAs) at Rs 4538 crore as of December 2002 rose marginally from Rs 4489 crore as on March 31, 2002. Provisions for non-performing assets is up by 50.13 per cent at Rs 154.68 crore (Rs 103.03 crore in Q3 of 2001-02).
Net NPAs at Rs 1331 crore (four per cent of net advances) as on December 31, 2002 has come down from Rs 1688 crore (5.06 per cent of net advances) as on March 31, 2002.
In Q3 of 02-03, global advances rose by 16.20 per cent to Rs 34,449 crore as against Rs 29,692 crore in the Q3 of 01-02. Similarly in the reporting Q3, global deposits increased by 11.80 per cent to Rs 66,820 crore as against Rs 59,769 crore in the year-ago period.