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27/01/2021 16:00

Bank of Baroda posts Q3 net profit of Rs 1,061.11 cr

The bank reported standalone net profit during the quarter stood at Rs 1,061.11 crore compared to net loss of Rs 1406.95 crore in the previous year quarter.

Interest income of the bank declined by 6.81 per cent at Rs 17768.72 crore for the quarter ended December 31, 2020 as against Rs 19067.91 crore in the corresponding period last year.

During the October-December quarter, total income dipped by 5.25 per cent to Rs 20,664.23 crore from Rs 21,809.08 crore in the year ago period.

Meanwhile, operating expenses dropped by 10.55 per cent to Rs 15,073.59 crore from Rs 16,850.61 crore in the same period last year.

Operating profit surged 12.75 per cent to Rs 5,590.64 crore from Rs. 4,958.47 crore.

Provisions and Contingencies slipped by 44.70 per cent at Rs 3,956.68 crore from Rs 7,155.42 crore a year ago.

NII, the difference between interest earned on loans and interest paid on deposits, increased by 8.69 per cent at Rs 7,748.73 crore versus Rs 7,129.05 crore in the year ago period. Non-interest income rose 5.63 per cent year-on-year to Rs 2,895.51 crore.

On the asset side, gross non- performing assets (NPAs)ÿfellÿto 8.48 per cent of the gross advances as at the end of December 31, 2020 from a level of 10.43 per cent year earlier. Its net NPAs or bad loans tooÿdeclinedÿto 2.39 per cent of net advances on December 31, 2020 from 4.05 per cent a year ago.