Bank of Baroda registered 73.2% increase in net profit to Rs 736.68 crore in Q2 September 2019 from Rs 425.38 crore in Q2 September 2018.
Total income rose 64.5% to Rs 22,097.91 crore in Q2 September 2019 over Q2 September 2018.
The total income was boosted by 108.9% increase in other income to Rs 2823.94 crore in Q2 September 2019 from Rs 1351.61 crore in Q2 September 2018.
Net interest income increased 10.1% to Rs 7,028 crore in Q2 September 2019 over Q2 September 2018. The bank's net interest margin (NIM), a measure of profitability, stood at 2.81%, up 19 basis points (bps) on a sequential basis.
Gross non-performing assets (NPAs) stood at Rs 69,968.95 crore as on 30 September 2019 as against Rs 69,713.95 crore as on 30 June 2019 and Rs 55,121.37 crore as on 30 September 2018.
The ratio of gross NPAs to gross advances stood at 10.25% as on 30 September 2019 as against 10.28% as on 30 June 2019 and 11.78% as on 30 September 2018.
The ratio of net NPAs to net advances stood at 3.91% as on 30 September 2019 as against 3.95% as on 30 June 2019 and 4.86% as on 30 September 2018.
The bank's provisions and contingencies jumped 73.2% to Rs 4,209.16 crore in Q2 September 2019 compared with Rs 2,429.54 Q2 September 2018. The figure increased by 28.14% from Rs 3,284.88 in Q1 June 2019.
Provision coverage ratio of the bank stood at 77.88% as on 30 September 2019 as against 77.34% as on 30 June 2019 and 70.75% as on 30 September 2018.
Shares of Bank of Baroda fell 2.39% at Rs 93.80 on Friday.
Bank of Baroda is a public sector bank with 46 Branches in 14 countries. Government of India held 69.23% stake in the bank as on 30 September 2019.
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