Public sector lender Bank of Baroda said
profit in third quarter fell sharply by 56 percent to Rs 111.8 crore, dented by
higher provisions but supported by net interest income and operating income. It
lower than CNBC-TV18 estimates of Rs 282.6 crore.
Profit in
year-ago quarter stood at Rs 252.7 crore.
Net interest
income growth of 40.2 percent year-on-year at Rs 4,394 crore was ahead of
CNBC-TV18 poll of Rs 3,745.3 crore, with total loan growth of 14 percent YoY at
Rs 3.99 lakh crore whereas deposits declined 2.8 percent to Rs 5.73 lakh crore
in Q3.
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"Domestic
credit registered YoY growth of 16.38 percent driven by retail loans growth of
33.37 percent," the bank said, adding net interest margin for global and
domestic operations improved by 41 bps & 56 bps, respectively.
It further said net
interest margin improved by 41 bps sequentially to 2.72 percent in Q3FY18, with
domestic operations NIM rising by 56 bps to 3.24 percent QoQ. Cost to income ratio
improved to 39.84 percent at the end of December quarter, from 44.26 percent in
September quarter.
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Asset quality remained
at elevated levels. Gross non-performing assets for the quarter were higher at
11.31 percent compared to 11.16 percent in previous quarter while net NPAs were
lower at 4.97 percent against 5.05 percent on sequential basis.
In absolute terms,
gross NPAs increased 4.7 percent to Rs 48,480.4 crore and net NPAs rose 1.4
percent to Rs 19,852.15 crore compared to previous quarter. Provisions for bad
loans shot up 70.8 percent sequentially and 92.7 percent year-on-year to Rs
3,155.28 crore for quarter ended December 2017.
Other income (non-interest income) during the
quarter declined 5.7 percent to Rs 1,673 crore while operating profit grew by
40.6 percent to Rs 3,650.11 crore compared to previous year, driven by interest
and fee income.
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