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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.

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