Riding high on substantial improvement in net income, Bank of Baroda (BoB) on Thursday said it has posted 42.8% jump in net profit at Rs 1,294.35 crore in the fourth quarter ended March 31 from Rs 906.28 crore in the same period last year.
The public sector lender's total income increased by 40% at Rs 7,168.65 crore in Q4 FY11 as against Rs 5,120.73 crore in the same period last year. The net interest income (NIM) grew by 49.8% at Rs 2,613.88 crore in the quarter ended March, 2011.
The operating profit in the quarter under review also moved up by 25.8% to Rs 1,945.81 crore.
During FY11, the bank has delivered record level of incomes and profits on the back of consistent improvement in core operations, BoB Chairman and Managing Director M D Mallya told reporters here.
The bank's operating profit at Rs 6,981.61 crore in 2010-11 was up by 43.8% on year-on-year basis.
Despite increased provisions, a strong growth in net interest income, a good traction in core fee-based income and a modest growth in operating expenses (other than the staff expenses) raised the bank's net profit in FY11 by 38.7% to Rs 4,241.68 crore, way above the market expectations.
"The robust operating profit and the net profit was on account of substantial improvement in net income of the bank. The overall business of the bank also showed robust growth," Mallya said.
The total income has registered a growth of 27.1% (YoY) to reach Rs 24,695.10 crore in FY11, demonstrating the bank's underlying financial strength.