BoB profit up 19% to Rs 293 cr

Bank of Baroda (BoB) has recorded a 19.85 per cent increase in its net profit at Rs 293 crore for the first quarter ended June 30, 2004, as against Rs 244.47 crore in the previous year's corresponding quarter.

According to a press release by the bank, interest income fell by 3.68 per cent at Rs 1,528.41 crore from Rs 1,586.88 crore last year on a total income of Rs 1,923 crore, which has gone up by 7 per cent from Rs 1,797 crore.

Net interest income after adjusting for the extraordinary income has grown by 14.43 per cent to Rs 674 crore from Rs 589 crore last year. Other income for the bank grew by 88 per cent to Rs 394 crore from Rs 210 crore.

Including gain on stock market operations of Rs 21.86 crore, treasury income by sale of investment rose to Rs 220 crore (Rs 67.59 crore).

The bank has adjusted for an extraordinary income of Rs 75 crore being the interest on refund of income tax in June 2003 while in this year's first quarter the refund was to the tune of Rs 9 crore.

Net non-performing assets have gone down to Rs 1,056 crore from Rs 1,246 crore, which in percentage terms amount to a fall from 3.82 per cent to 2.90 per cent.

Gross NPA have risen marginally by Rs 0.79 crore during the said period forming 10.41 per cent of total advances. Total expenditure declined marginally by 0.42 per cent at Rs 1,326.51 crore from Rs 1,332.06 crore, while interest expenditure declined substantially by 8.35 per cent to Rs 845.37 crore. Total provisions and contingencies rose by 37.68 per cent to Rs 303.50 crore, of which payment to and provisions for employees rose by 19 per cent.