Bank of Baroda Q3 profit rises to Rs 471 crore, asset quality improves

Public sector lender Bank of Baroda (BoB) Tuesday reported an over four-fold jump in net profit at Rs 471.25 crore for the third quarter ended December 2018.

The bank had logged a net profit of Rs 111.78 crore in October-December 2017.

Total income in the reported quarter increased at Rs 14,562.85 crore as compared to Rs 12,976.28 crore in the year-ago period, BoB said in a regulatory filing.

The bank's asset quality improved a tad with gross non-performing assets (NPAs) falling to 11.01 per cent of gross loans as of December-end 2018 against 11.31 per cent in the year-ago period.

Net NPAs or bad loans too came down to 4.26 per cent of total advances from 4.97 per cent by December-end 2017.

In absolute value, gross bad loans of the lender stood at Rs 53,184.28 crore as on December 31, 2018 as compared to Rs 48,480.44 crore a year ago.

As a result, provisions for non-performing asset during the reported quarter rose to Rs 3,416.02 crore as compared to Rs 3155.28 crore in the same period of 2017-18.