State-run lender Bank of Baroda posted a 160% increase in net profit to Rs. 528.26 crore for the quarter ended June 30 as compared with Rs. 203.26 crore in the year-earlier period. The rise in profit was driven by 28.7% growth in net interest income to Rs. 4,381 crore.
The bank had reported a net loss of Rs. 3,102.34 crore in the January-March quarter.
Credit growth year-on-year grew 19.84% while retail loan growth was 33.9%.
Net interest margin (NIM) improved to 2.7% from 2.5%. Core fee income rose 16.7% to Rs. 794 crore. Provision for bad loans came down to Rs. 1,759.72 crore from Rs. 2,156.69 crore. Gross NPAs as at June end was 12.5% on gross advances compared with 11.4%.
Source: Read Full Article