The Hindu Business Line : BoB net down 77 pc in third quarter

THE sharp fall in treasury profits led Bank of Baroda to record a 77.36 per cent dip in net profit for the third quarter ended December 31, 2004, at Rs 69.50 crore against Rs 306.95 crore in the corresponding period, the previous year.

Treasury income of the bank slipped into a loss in the third quarter at Rs 166.74 crore (Rs 511.81 crore).

"The bank has been cautious on its balance sheet expansion, as we attach a lot of weight to credit risk management to ensure the quality of the asset portfolio. We have, therefore, consciously grown moderately in retail, and the rate of the growth of the bank is in line with the country's economic growth," said a senior bank official, explaining the bank's lower profits.

During the quarter, net interest income of the bank increased to Rs 728.28 crore (Rs 650.05 crore).

Total deposits increased to Rs 78,613.33 crore (Rs 69,128.30 crore). Of these domestic deposits grew by 13.13 per cent to Rs 69,058.34 crore (Rs 61,041.70 crore), while overseas deposits increased by 18.6 per cent to Rs 9,554.99 crore (Rs 8,086.60 crore).

Total advances increased to Rs 39,538.77 crore (Rs 33,348.75 crore).

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