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Bank of Baroda quarterly profit shoots up by 11%

Bank of Baroda quarterly profit shoots up by 11%
Bank of Baroda announced financial results for H1, 2012-13 and Q2, 2012-13 with net profit increases of 11 per cent to Rs 2,440.25 crore, and 11.6 per centto Rs 1,301.39 crore respectively. Total business rose by 23. per cent to Rs 7,00,330 crore, Total Income up 23.7 per cent to Rs 18,879.27 crore in H1,FY13 and up by 19.6 per cent to Rs 9,550.86 crore in Q2,FY13.

M D Mallya, CMD, Bank of Baroda, said that in a non-supportive macro backdrop, the Bank’s operating profit grew decently to 16.7 per cent y-o-y to Rs 4,635.76 crore in H1, FY13. Its operating profit for Q2, FY13 also grew by 11.3 per cent y-o-y to Rs 2,383.58 crore, he said, adding that growth in the Bank’s profits was supported by balanced growth in net interest income, non interest income and continued control over Operating Expenses.

He said that inspite of a weak credit demand in the system during H1,FY13, the bank’s interest income grew healthily by 24.5 per cent to Rs 17,280.16 crore Interest Earned on Advances rose by 22.0 per cent to Rs 12,865.37 crore. In Q2, FY13, Interest Income grew at 20.3 per cent to Rs 8,722.55 crore and, within this, the Interest Earned on Advances was up 17.7 per cent to Rs 6,438.72 crores.

On a y-o-y basis, Total [Global] Business increased by 23.2% to Rs 7,00,330 crore in H1 FY13 from Rs 5,68,306 crore in H1, FY12. While Total Deposits increased by 24.0% to Rs 4,08,150 crore at end-sept 2012 from Rs 3,29,185 crore at end-sept 2011. Total Advances increased by 22.2 per cent to Rs 2,92,181 crore at end-Sept 2012 from Rs 2,39,120 crore at end-Sept 2011.

Overseas business during H1, FY13 contributed 29.8% to its Total Business, 24.7 per cent to its operating profits and 38.9 per cent to its Core-Fee-based income, he said adding that during the financial year, the Bank has opened branches in wellington and Manukau [New Zealand], Entebbe and Kabale [Uganda], Rose Belle in Mauritis, Tema in Ghana and Sohar in Oman.
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