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Bank of Baroda reports 28% growth in profits

January 28, 2011‐ Vadodara, Gujarat, India

Bank of Baroda has reported a net profit of Rs 1,069 crore for the quarter ended December 31, 2010. The upward move is from Rs 832 crore reported in the corresponding quarter last year. This calculates to 28% growth in profit.

Loan growth has led the bank register a Net Interest Income (NII) of Rs 2292 crore.

The bank reported increase in Income from exchange transactions increased from Rs 99 crore to Rs 147 crore and commission income increased from 221 crore to Rs 245 crore. Profit from trading has come a little lower at Rs 85 crore compared to Rs 139 crore due to yields on government securities.

Chairman and Managing Director of the Bank M D Mallya attributes to the increase in net interest income and careful management of liabilities. The bank is aiming for a 20 to 22% deposit growth and a 23 to 24% credit growth in the current fiscal. Also on plan is to open 250 branches during the fourth quarter which can help improve the CASA of the bank. The bank is also upgrading about 1200 branches located in the metro and urban centres into Baroda Next branches.

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