New Delhi, Jan 29 (PTI) Public sector lender Bank of Baroda (BoB) Tuesday reported an over four-fold jump in net profit at Rs 471.25 crore for the third quarter ended December 2018. Also Read - Good News For Jan Dhan Account Holders: No Charges to be Levied by Banks for Debit
The bank had logged a net profit of Rs 111.78 crore in October-December 2017. Also Read - Home Loan Interest Rates Hit 15-year Low: SBI, Bank of Baroda, HDFC Bank Launch Festive Offers
Total income in the reported quarter increased at Rs 14,562.85 crore as compared to Rs 12,976.28 crore in the year-ago period, BoB said in a regulatory filing. Also Read - Banking Operation, ATM Services to be Affected as Trade Unions Call For Nationwide Strike on Jan 8
The bank’s asset quality improved a tad with gross non-performing assets (NPAs) falling to 11.01 per cent of gross loans as of December-end 2018 against 11.31 per cent in the year-ago period.
Net NPAs or bad loans too came down to 4.26 per cent of total advances from 4.97 per cent by December-end 2017.
In absolute value, gross bad loans of the lender stood at Rs 53,184.28 crore as on December 31, 2018 as compared to Rs 48,480.44 crore a year ago.
As a result, provisions for non-performing asset during the reported quarter rose to Rs 3,416.02 crore as compared to Rs 3155.28 crore in the same period of 2017-18.
This is published unedited from the PTI feed.