Bank of Baroda (BoB) today announced an increase of 98.8 per cent in net profit at Rs 545.93 crore in 2001-02 compared with Rs 274.66 crore in the previous year. The bank declared a 40 per cent dividend.
The bank's gross profit grew by over 26 per cent to Rs 1,309.26 crore in the last financial year, while income grew 7.5 per cent to Rs 6,948.71 crore in 2001-02 against Rs 6,463.62 crore last year.
The bank reported an earnings per share of Rs 18.44 at the end of March this year against Rs 9.28 a share at the end of 2000-01. The book value per share rose from Rs 104.05 at the end of 2000-01 to Rs 120.09 at the end of the last financial year.
BoB's business stood at over Rs 98,000 crore in the last fiscal with total deposits growing by 14 per cent to Rs 61,800 crore and advances by over 22 per cent at around Rs 36,200 crore in the last fiscal.
BoB's capital adequacy ratio stood at 11.32 per cent in 2001-02 compared with 12.8 per cent in the previous fiscal, but was higher than the Reserve Bank of India-stipulated 9 per cent.
Net non-performing assets (NPAs) as a percentage of net advances fell from 6.77 per cent in 2000-01 to 4.98 per cent at the end of the last fiscal due to better recovery management.
Fresh NPAs amounted to around Rs 1,000 crore. Business per employee also rose from Rs 1.75 crore at the end of March 2001 to Rs 2.45 crore at the end of March this year.
The bank's cost of deposits fell from 6.95 per cent in 2000-01 to 6.65 per cent last year and staff expenses declined 7.8 per cent during 2001-02.
Total provisions made by the bank amounted to Rs 763.3 crore against Rs 761.8 crore in 2000-01.
