The Hindu Business Line : BoB net falls 18 pc in Q2

BANK of Baroda has recorded a 17.82 per cent decline in net profit at Rs 213.31 crore for the second quarter ended September 30, 2004 on account of fall in income from sale of investments. Net profit during the year-ago period was at Rs 259.56 crore.

Total income grew to Rs 1,907.61 crore (Rs 2,049.31 crore). This is inclusive of interest earned at Rs 1,548.14 crore (Rs 1,528.19 crore) and other income, which fell to Rs 37.62 crore (Rs 57.43 crore).

"Treasury income by sale of investments was at Rs 375.22 crore during first half of the financial year 2004-05 as against Rs 404.20 crore during previous fiscal. The hardening of interest rate environment has resulted in the decline in treasury income by 7.17 per cent," the release said.

Total expenditure during the quarter under review was at Rs 1,357.70 crore (Rs 1,365.03 crore), this is inclusive of interest expended at Rs 859.85 crore (Rs 899.29 crore) and operating expenses at Rs 497.85 crore (Rs 465.74 crore).

Gross non-performing assets were at Rs 3,725.08 crore (Rs 4,108.33 crore).

Net non-performing assets were also lower at Rs 833.43 crore (Rs 1,086.40 crore.)

Provisions and contingencies increased to Rs 245.69 crore (Rs 208.72 crore). Provisions for NPAs were at Rs 155.78 crore (Rs 226.73 crore).

During the half year ended September 30, the bank's net profit was at Rs 506.30 crore (Rs 504.03 crore).

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