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Thursday, Jan 30, 2003

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BoB net leaps 60 pc in Q3

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MUMBAI, Jan. 29

BANK of Baroda has posted over 60 per cent jump in net profit at Rs 254.38 crore in the third-quarter ended December 31, 2002, compared to Rs 158.13 crore in the corresponding period of the previous year.

Mr P.S. Shenoy, Chairman and Managing Director, Bank of Baroda, said, "Our total income has gone up due to increased income from interest earned, treasury income and fee-based income. The timely deposit rate cuts by the bank helped increase its spread to 3.56 per cent in the third quarter from 2.90 per cent in the previous year's corresponding period".

Total income of the bank stood higher at Rs 1,905 crore from Rs 1,704.26 crore. Interest earned rose to Rs 1,530 crore in the third quarter from Rs 1,451.91 crore.

The treasury income increased to Rs 198 crore (Rs 129 crore). Fee-based income — LC and guarantee commission, service charges for demand drafts and transfer of funds, foreign exchange trading income among others — also rose to Rs 177.45 crore (Rs 123.98 crore).

Total expenditure of the bank marginally dipped to Rs 1,371.10 crore (Rs 1,379.61 crore), due to lower deposit rates. Other provisions and contingencies increased to Rs 156.52 crore (Rs 101.52 crore).

On the NPA recovery front, the bank has issued 90 notices in order to recover Rs 400 crore, said the Chairman. Net NPAs stood at Rs 1,331 crore for the third quarter ended December 31, 2002, compared to Rs 1,688 crore for the quarter ended March 31, 2002. Provisions for NPAs have been stepped up for the third quarter to Rs 274 crore (Rs 168 crore).

The bank awaits approval from the Union Government for raising tier II capital of Rs 600 crore which will help raise the capital adequacy ratio to 12 per cent. "The Government approval is expected in the coming week after which we will decide the rate on the 10-year bond issue," said Mr Shenoy.

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