Financial Daily from THE HINDU group of publications
Tuesday, May 18, 2004
Financial Daily from THE HINDU group of publications Tuesday, May 18, 2004 |
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Money & Banking
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Financial Performance Corporate Results - Public Sector Banks BoB net down in Q4 on higher provisioning Our Bureau
Mumbai , May 17 HIGHER provisioning to strengthen its balance sheet has led Bank of Baroda to report a lower net profit for the fourth quarter ended March 31, at Rs 156 crore, as against a net profit of Rs 198.34 crore in the corresponding period the previous year. The bank's board has declared a final dividend of 35 per cent, amounting to Rs 102.64 crore, in addition to the interim dividend of 30 per cent amounting to Rs 87.98 crore. Total income of the bank increased to Rs 2,053 crore during this period, as against Rs 1,852 crore in the corresponding period, the previous year. This is inclusive of the interest earned at Rs 1,514.61 crore (Rs 1,513.99 crore) and other income, which grew to Rs 538.39 crore (Rs 338.16 crore). Total expenditure came down to Rs 1,357.06 crore (Rs 1,432.49 crore). Total provisions and contingences more than doubled at Rs 539.92 crore (Rs 221.32 crore) For the financial year ended 2003-04, the bank Baroda posted 25.13 per cent rise in net profit at Rs 967 crore as against a net profit of Rs 772.78 crore for the year ended 2002-03. The average cost of domestic deposits is showing a downward trend from 6.41 per cent in FY 2002-03 to 5.36 per cent in FY 2003-04, said a press release. The global average cost of deposits has gone down from 5.97 per cent in FY 2002-03 to 4.96 per cent in FY 2003-04. Total NPAs stood at Rs 3,979.86 crore as on March 31, 2004, down from Rs 4,167.90 crore as on March 31, 2003. Similarly, net NPAs at Rs 1,042.01 crore have come down from Rs 1,298.35 crore as on March 31, 2003. Global advances aggregated Rs 35,600.88 crore as onMarch 31, 2004 from Rs 35,348.08 crore as on March 31, 2003. Capital adequacy ratio of the bank improved to 13.91 per cent as on March 31, 2004.
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