BoB profit surges four-fold to Rs 552 crore in Q2
The bank had reported a net profit of Rs 124.4 crore during the same period last fiscal.
Mumbai: State-owned Bank of Baroda (BoB)today posted four-fold rise in net profit at Rs 552.1 crore for the quarter ended on September 30, 2016, despite increase in bad loans.
The bank had reported a net profit of Rs 124.4 crore during the same period last fiscal. Total income of the bank decreased to Rs 12,046.6 crore during the quarter, from Rs 12,300.4 crore in the year-ago period, BoB said in a statement.
During the quarter, gross non-performing assets (NPAs) more than doubled to 11.35 per cent as against 5.56 per cent in the same period of previous fiscal. Net NPAs too moved up significantly to 5.46 per cent from 3.08 per cent in the year-ago period.
Provisions (other than tax) and contingencies decreased to Rs 1,795.84 crore from Rs 1,891.70 crore a year ago. Provisions for non-performing assets (NPAs) or bad loans also declined to Rs 1,630.45 crore during the quarter under review, as against Rs 1,843.80 crore in the same period of last financial year.