The Hindu Business Line : BoB net down 35.24 pc in Q4

BANK of Baroda (BoB) recorded a net profit of Rs 101.04 crore for the fourth quarter of 2004-05, a 35.24 per cent fall from Rs 156.02 crore in the same period last year, due to provision for shifting of securities to held-to-maturity (HTM) category.

Total income for the fourth quarter was Rs 2,028.95 crore (Rs 2,053 crore), while net interest income was Rs 879.67 crore (Rs 628.18 crore).

Net profit for the financial year 2004-05 fell by 35.24 per cent to Rs 676.84 crore from Rs 967 crore in 2003-04. The total income for the year was Rs 7,736.24 crore (Rs 7,866.08 crore).

Net interest income was Rs 2,979.27 crore (Rs 2,571.59 crore). The bank declared a dividend of Rs 3.2 for the share of face value of Rs 10.

The profit from sale of investments fell from Rs 985 crore last year to Rs 535 crore this year.

The capital adequacy ratio was at 12.61 per cent (13.91 per cent). Net NPAs were at 1.45 per cent (2.99 per cent).

The BoB General Manager, Mr A.S. Khurana, said the net profit in FY-05 was down due to provision of Rs 738 crore for shifting securities worth Rs 8,416 crore from available- for-sale (AFS) to held-to maturity (HTM).

Speaking about the future plans, Dr Anil K. Khandelwal, Chairman and Managing Director, Bank of Baroda, said next year the bank will focus on wholesale and retail credit, expansion in overseas territories and look to increase its fee-based income. The bank is also planning a public issue in September to raise capital and is looking for an 18-20 per cent growth in deposit and 30 per cent growth in credit, Dr Khandelwal said.

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