Bank of Baroda announces 60.73% increase in net profit for the quarterly period ending September 2010
October 28, 2010‐ Baroda, India
Bank of Baroda has announced a spectacular increase in its net profit for the quarterly period ending September 2010. The Government-owned bank said its net profit has come out at Rs 1019.3 crore in Q2FY11 as against Rs 634.18 crore, a growth of 60.73% (YoY).
Net interest income (NII) rose 46.78% to Rs 2038.14 crore from Rs 1388.6 crore. Numbers were were better-than-expectations.
Other income increased to Rs 681.3 crore from Rs 595.33 crore and provisions also jumped to Rs 185.9 crore from Rs 116.33 crore.
Adavnce growth in Q2FY11 stood at 29.5% while deposits growth at 30%. Gross non-performing assets (NPA) increased to Rs 2719.85 crore in September 2010 versus Rs 2657.4 crore as on June 2010.
With a reach of 3237 branches and 100% CBS and RTGS/NEFT enablement, Bank of Baroda has grown many folds since it restructures its branding. It has recently annouced the Baroda Utsav Deposit Scheme that gives in carries a rate of interest of 7.50% per annum. The deposit period is for 444 days. The scheme is open from October 15, 2010 to December 31, 2010.
Other top banking news
- Bharatiya Mahila Bank aims at adding 55 new branches in FY 2014-15 (March 11, 2014)
- Indian banking sector to be hit with Microsoft withdrawal of support for XP (March 4, 2014)
- Withdrawal of old Currency Notes in circulation in India (February 22, 2014)
- Linking of MNREGS with the Banking System (February 22, 2014)