Bank of Baroda logs net profit of Rs 253 crore in Oct-Dec

Public lender Bank of Baroda today reported a net profit of Rs 252.67 crore during the third quarter ended December. The bank had registered a net loss of Rs 3,342.04 crore in the same quarter of 2015-16.

"Total income has increased to Rs 12,181.04 crore for the quarter ended December 2016, from Rs 11,726.95 crore in the same quarter a year earlier," the bank said in a regulatory filing.

Asset quality saw further slippages as gross non-performing assets (NPAs) rose to 11.40 per cent of gross advances during the quarter even though it was stable sequentially compared with 11.35 per cent in the September quarter of the current fiscal.

Net NPAs, however, came down to 5.43 per cent of net advances during October-December, as against 5.67 per cent a year ago.

In July-September, the reading was 5.46 per cent. In value terms, gross bad loans were at Rs 42,642.40 crore at the end of December 2016 against Rs 38,934.11 crore a year earlier.

Net NPAs were Rs 19,006.33 crore compared with Rs 21,806.16 crore. The lender made provisions of Rs 1,637.82 crore to cover bad loans during the quarter, down from Rs 6,474.14 crore.

Overall provisioning and contingencies were of Rs 2,079.50 crore as against the earlier Rs 6,164.55 crore.

Bank of Baroda said it made additional provision of Rs 161 crore over and above the requisite norms for bad loans during the quarter after a review of its NPA advances portfolio.

The stock closed 1.98 per cent higher at Rs 188.05 on BSE today.