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Wednesday, Jul 28, 2004

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Corporate Results - Public Sector Banks

BoB net profit up 20 pc in Q1

Our Bureau

Mumbai , July 27

BANK of Baroda has recorded a 19.85-per cent increase in net profit at Rs 292.99 crore in the first quarter of the fiscal ended June 30, 2004, against a net profit of Rs 244.47 crore in the corresponding period the previous year.

Total income of the bank rose to Rs 1,923 crore from Rs 1,796.97 crore in the first quarter of the previous fiscal. This is inclusive of interest earned at Rs 1,528.41 crore (Rs 1,586.88 crore) and other income at Rs 394.59 crore (Rs 210.09 crore).

Adjusting for an extraordinary income of Rs 75 crore being interest on refund of Income Tax in June 2003 (Rs 9 crore in June 04), the fall in interest income is marginal. The fall has been due to drop in yields on the asset side, according to a press release.

Net interest income after adjusting for the extraordinary income, however, increased to Rs 674.00 crore from Rs 589.00 crore, the release said.

During the first quarter ended June 30, 2004, total expenditure of the bank was at Rs 1,326.51 crore (Rs 1,332.06 crore).

Treasury income rose to Rs 219.79 crore from Rs 67.59 crore. This includes gain on stock market operations of Rs 21.86 crore.

Gross NPAs were at Rs 4,111.30 crore (Rs 4,032.32 crore). Net NPAs were at Rs 1,056.25 crore (Rs 1,242.26 crore).

Provisions for NPAs were lower by 64.46 per cent to Rs 71.20 crore from Rs 200.31 crore in the first quarter of the previous year.

Total provisions and contingencies, however, increased to Rs 162.15 crore (Rs 101.44 crore).

Fee-based income and other income (excluding sale of investments) rose by 22.67 per cent to Rs 174.80 crore from Rs 142.50 crore.

Spread to average working funds (excluding extraordinary income) rose to 3.16 per cent from 2.96 per cent.

The total business mix of the bank grew to Rs 1,10,787.52 crore from Rs 9,8450.07 crore. Total deposits rose to Rs 73, 570 crore from Rs 65, 398 crore. Total advances rose to Rs 37, 218 crore from Rs 33, 052 crore.

Retail lending of the bank rose by 57.36 per cent to Rs 4, 688.08 crore from Rs 2, 979.17 crore. It is 14.76 per cent of the total domestic advances.

The bank's housing loan portfolio increased to Rs 2, 798 crore from Rs 1, 27 crore.

The capital adequacy ratio went up to 13.97 per cent from 13.91 per cent as on 31.03.2004.

The bank expects to increase the deposits and advances portfolio during 2004-05 by about 18 per cent, said the release.

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