Business Daily from THE HINDU group of publications
Sunday, Oct 29, 2006
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Business Daily from THE HINDU group of publications Sunday, Oct 29, 2006 ePaper |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks Higher interest income buoys BoB bottomline Our Bureau
In upbeat mood: Dr Anil K. Khandelwal, Chairman & Managing Director, Bank of Baroda, and Mr V. Santhanaraman, Executive Director, during a meet in Mumbai on Saturday. - Shashi Ashiwal
Mumbai , Oct. 28 Growth in net interest income and operating profit have helped Bank of Baroda to post a 11.31 per cent rise in net profit at Rs 288.36 crore (Rs 259.07 crore) for the quarter ended September 30. Total income has increased to Rs 2,507.66 crore (Rs 2,003.59 crore). Other income has grown following a 19.4 per cent rise in fee-based income, profit on exchange transactions and non-performing assets (NPA) recovery, said a senior bank official. The bank has cut its net NPAs to 0.77 per cent (1.13 per cent).
Other Financials
Net interest margin has dropped to 3.11 per cent (3.37 per cent) due to redemption losses in fixed income securities and re-pricing of deposits at higher interest rates, said Dr Rupa Rege Nitsure, Chief Economist. Treasury revenue fell marginally to Rs 956.13 crore (Rs 983.63 crore). "The profit on sale of securities marginally decreased for the quarter and the bank has also brought down the duration of its AFS (allowed for sale) portfolio," she added. Advances are up with retail credit rising 55.6 per cent to form 19.2 per cent of domestic credit, said a company statement.
New Branches
Overseas business has contributed 35 per cent (28 per cent) to the bank's net profit, said Dr Anil K. Khadelwal, Chairman and Managing Director. He said the bank has RBI approvals for opening offices in South Africa, Australia, China, Qatar, among others. "We will announce by March 2007, foreign partners for a joint venture with our asset management company, insurance and credit card venture," he said. It has planned to open 100 branches during the current fiscal. For the half-year, the net profit of the bank was Rs 451.68 crore (Rs 416.01 crore).
More Stories on : Financial Performance | Public Sector Banks
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