Bank of Baroda Q3 net flat at Rs 1,048 crore
7 Feb 2014 6:18 AM IST
State-run Bank of Baroda on Thursday reported a near flat net profit for the December quarter at Rs 1,048 crore as a Rs 272-crore provision towards deferred tax liabilities on special reserves weighed.
The second largest lender had posted a net profit of Rs 1,011 crore in the corresponding period last fiscal.
Profit in the third quarter would have been 30 per cent higher if not for the tax provision, done in accordance with RBI guidelines, BoB chairman and managing director S S Mundra said.
Net interest income grew 7.61 per cent to Rs 3,057.14 crore during the reporting quarter, while other income expanded 11 per cent to Rs 932.07 crore. Due to an increase in provisions towards pensions and wage revisions, the city-based lender's staff expenses shot up by 32.27 per cent to Rs 1,055.71 crore, resulting in a dip in operating profit at Rs 2,197 crore.
The second largest lender had posted a net profit of Rs 1,011 crore in the corresponding period last fiscal.
Profit in the third quarter would have been 30 per cent higher if not for the tax provision, done in accordance with RBI guidelines, BoB chairman and managing director S S Mundra said.
Net interest income grew 7.61 per cent to Rs 3,057.14 crore during the reporting quarter, while other income expanded 11 per cent to Rs 932.07 crore. Due to an increase in provisions towards pensions and wage revisions, the city-based lender's staff expenses shot up by 32.27 per cent to Rs 1,055.71 crore, resulting in a dip in operating profit at Rs 2,197 crore.
Next Story
