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Bank of Baroda reported a 20 per cent increase in second quarter net profit at ₹425 crore, against ₹355 crore in the year-ago quarter. The public sector bank’s net interest income was up 21 per cent year-on-year (y-o-y) to ₹4,492 crore in the reporting quarter ended September 30, 2018, against ₹3,720 crore in the year-ago quarter.
Other income was down by 22 per cent y-o-y to ₹1,352 crore in the second quarter, against ₹1,737 crore in the year-ago quarter. Loan-loss provisions declined by about 21 per cent y-o-y to ₹1,467 crore, against ₹1,847 crore in the corresponding year-ago period. During the quarter, the bank made a provision of ₹242 crore in “a specific standard account under the financial services sector”. Though it could not be ascertained, this provision is probably towards its exposure to IL&FS. During the quarter ended September 30, the bank reversed ₹328 crore (corresponding quarter a year ago: nil) due to release of provisions.
Shares of the bank ended at ₹110 apiece, up 2.76 per cent over the previous close on the BSE.
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