Driven by healthy growth in loans, public sector lender Bank of Baroda on Wednesday posted a 21% year-on-year rise in the net profit at Rs 1,290 crore for the quarter ended December, 2011 compared to Rs 1,069 crore in the corresponding quarter last year.
“Growth in profit was driven by a balanced growth in net interest income and other income,” said MD Mallya, chairman and managing director, Bank of Baroda. “Total advances of the bank grew by around 26% during the quarter.”
Net interest income (the difference between interest earned and interest paid) of the bank, grew by 16% to Rs 2,656 crore during the quarter under review against Rs 2,292 crore a year ago.
During the quarter, other income rose 70% to R1,149 crore while interest income grew by 35% to Rs 7,672 core.