Bank of Baroda (BoB) today said its third-quarter net profit rose 28.4 per cent on robust loan growth. The bank’s net profit rose to Rs 1,069 crore from Rs 832 crore in the year-ago quarter. However, trading profit fell to Rs 85 crore from Rs 138 crore, as yields on government bonds hardened.
Healthy loan growth led to a 43 per cent increase in net interest income (NII) at Rs 2,292 crore. An increase in yield on advances by 12 basis points (bps), coupled with a seven bps fall in costs, helped net interest margins from domestic operations improve 42 bps to 3.82 per cent.
“Despite some challenges, we have maintained a good profit in the December quarter. All sectors, including retail, contributed. Growth in core businesses has been substantial, which has contributed to the healthy growth in NII. In addition, we have not compromised on the liability side,” said Chairman and Managing Director M D Mallya.
While global deposits jumped 30.9 per cent to Rs 281,512 crore from Rs 215,117 crore, global advances grew 32.7 per cent to Rs 207,209 crore. The incremental credit-deposit ratio was around 76 per cent.
Gross non-performing assets (NPAs) increased to Rs 2,770.25 crore from 2,260.27 crore. Net NPAs stood at 0.36 per cent, as against 0.31 per cent a year earlier. The bank’s provision coverage ratio was 85.45 per cent as on December-end.
IOB net up two fold to Rs 231 crore
Indian Overseas Bank today reported over two-fold growth in net profit at Rs 231.66 crore for the third quarter ended December 31.
The net profit in the October-December period of the previous financial year was Rs 101.70 crore, IOB said.
Total income rose to Rs 3,452.86 crore from Rs 2,828.65 crore in the same period last year. Total business grew to Rs 2,25,191 crore at the end of December 2010, from Rs 1,85,656 crore in the year-ago period.
OBC posts 41% rise in net profit
Oriental Bank of Commerce (OBC) has reported a 41 per cent increase in third-quarter net profit at Rs 408.25 crore as against Rs 289.43 crore in the corresponding quarter of the previous year. The bank attributed this to the rise to deposit growth.
The deposits of the New Delhi-based bank rose 16.79 per cent to Rs 129,335 crore from Rs 110,745 crore in the year-ago period. Advances jumped 15.59 per cent to Rs 90,801 crore from Rs 78,555 crore.
UCO net up 22%
Led by higher interest income, UCO Bank reported a 22.35 per cent increase in net profit at Rs 301 crore for the quarter ended December 2010, as against Rs 246 crore in the same period last year.
The bank recorded about 16.05 per cent increase in deposits and a 20.43 per cent rise in advances.
AllBank net up 20%
Public sector bank Allahabad Bank has reported a 20.39 per cent rise in net profit at Rs 415.80 crore, as against Rs 345.37 crore in the same period last year. The profit was mainly on account of lower cost of funds, which it reduced marginally to 5.93 per cent in the last quarter, as against 5.99 per cent in the same period last year.
Federal profit up 30%
Kerala-based Federal Bank today reported a 29.80 per cent rise in net profit at Rs 143.10 crore for the third quarter ended December 31. The bank’s net profit in the corresponding quarter of the previous financial year was Rs 110.25 crore.
Karur Vysya net rises
Private sector lender Karur Vysya Bank reported an over 49 per cent jump in net profit at Rs 113.22 crore for the quarter ended December 31.
