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Business News » Companies News

Bank of Baroda reports net profit of Rs 253 crore in Q3; bad loans rise

Percentage of CASA deposits to total domestic deposits as at December 31, 2016 was 40.46% as against 34.23% as at September 30,2016.

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Bank of Baroda reports net profit of Rs 253 crore in Q3; bad loans rise
Total Deposits stood at Rs 5,89,859 crore as at December 31, 2016. Photo: Reuters
Written By: ZeeBiz WebTeam
Updated: Fri, Feb 10, 2017
05:04 pm
Mumbai, ZeeBiz WebDesk
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Bank of Baroda on Friday announced its financial result for the quarter ended on December 31. The bank reported a Standalone net profit of Rs 252.6 crore as against the net loss of Rs 3,342 crore during the third quarter of the last fiscal.

The bank's total income increased to Rs 12,181 crore in Q3FY17 from Rs 11,726.95 crore in Q3FY16. The gross non-performing assets in Q3FY17 was at 11.40% (Rs 42,642.4 crore) as against 11.35% (Rs 42949.25 crore) in Q2FY17 and 9.68% (Rs 38934.11 crore) in Q3FY16. The net NPA in Q3FY17 was at 5.43% (Rs 19006.33 crore) as compared to 5.46% (Rs 19341.95 crore) in Q2FY17 and 5.67% (Rs 21806.16 crore) in Q3FY16. 

The operating profit rose by 52.29% on year-on-year basis to Rs 2,595 crore. The net Interest Income (NII) was up by 15.86% on y-o-y basis in the third quarter of current fiscal. 

"Provisions and Contingencies (excluding tax provisions) made by the Bank stood at Rs 2,079 crore in Q3 FY17. Provisions against NPAs/ Bad Debts written off stood at Rs 1,638 crore in Q3 FY17. Provision for tax was Rs 263 crore. The Provision Coverage Ratio (PCR) improved to 64.50% as at December 31, 2016 as compared to 62.95% last quarter and 60.17% in June 2016 and 60.09% in March 16, " the bank said in a release. 

Total Deposits stood at Rs 5,89,859 crore as at December 31, 2016 as against Rs 5,89,687 crore as at December 31, 2015. Corresponding figures for Average Deposits (based on daily averages) were Rs 5,72,946 crore and Rs 5,87,116 crore.

During the quarter, CASA deposits showed robust growth driven by deposit of cash after demonetisation. The quarter also saw repayment of FCNR (B) deposits of over Rs 11,500 Crore mobilised during Q3 FY 2013-14.

Percentage of CASA deposits to total domestic deposits as at December 31, 2016 was 40.46% as against 34.23% as at September 30,2016.

Total Advances (Net) were Rs 3,49,960 crore as at December 31, 2016 against Rs 3,84,272 crore as at December 31, 2015. The quarter saw a turnaround in domestic credit growth and domestic advances (net) were Rs 2,50,033 crore as at December 31,2016 against Rs 2,46,494 crore as at September 30,2016.

On Friday, the shares of the bank closed at Rs 188.05 per piece, up 1.98% or Rs 3.65 on BSE. 

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Bank of BarodaBank of Baroda Q3 resultBank of Baroda net profitBank of Baroda bad loansBank of Baroda CASABank of Baroda share priceBanking & Financial sector
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