Bank of Baroda 's first quarter profit fell 59.7 percent to Rs 423.6 crore compared with Rs 1,052.15 crore in year-ago period, dented by higher provisions. Slow net interest income and tax expenses (against tax credit YoY)
also impacted profitability but it was supported by higher other income and operating profit. Net interest income declined 2.6 percent to Rs 3,371 crore from Rs 3,459.6 crore on yearly basis. Profit was estimated at Rs 458.7 crore and NII at Rs 3,126.6 crore for the quarter, according to average of estimates of analysts polled by CNBC-TV18. Asset quality weakened further in June quarter as gross non-performing assets (NPA) as a percentage of gross advances increased 116 basis points sequentially to 11.15 percent and net NPA rose 67 basis points to 5.73 percent. Provisions for bad loans jumped 234 percent to Rs 2,004 crore during the quarter compared with Rs 600 crore in year-ago period but fell sharply by 70.77 percent on sequential basis. The bank has tax expenses of Rs 242 crore for the quarter against tax credit of Rs 1,055 crore in corresponding period of last fiscal.
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