Bank of Baroda net up 10%, loan risks increase | business | Hindustan Times
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Bank of Baroda net up 10%, loan risks increase

Public sector lender Bank of Baroda on Monday announced 10% rise in its net profit at Rs 1,139 crore for the quarter ended June 2012 from Rs 1,103 crore in the corresponding quarter last fiscal, driven by growth in interest and other income.

business Updated: Jul 30, 2012 22:52 IST
HT Correspondent

Public sector lender Bank of Baroda on Monday announced 10% rise in its net profit at Rs 1,139 crore for the quarter ended June 2012 from Rs 1,103 crore in the corresponding quarter last fiscal, driven by growth in interest and other income.

Net interest income (difference between interest earned and paid) grew by 22% to Rs 2,798 crore during the April-June quarter compared to Rs 2,297 crore in the first quarter last fiscal, helped by healthy growth in advances which grew by 23% to Rs 285,813 crore. Other income, which includes fees and commission, jumped 20% to Rs 771 crore during the quarter from Rs 641 crore in Q1 2010-11.

The bank made provisioning of Rs 894 crore for bad loans during the quarter ended June compared to Rs 391 crore, a 129% rise. The bank saw gross non performing assets increase to Rs 5,319 crore in Q1 2011-12 from Rs 3,425 crore in Q1 2010-11.