Bank of Baroda Q4 net tanks 32% on higher provisions

Moneycontrol Bureau

State-owned Bank of Baroda's (BoB) fourth quarter (January - March) net profit tanked more than 32 percent year-on-year to Rs 1,029 crore, dented by higher provisions that nearly doubled from Rs 844 crore to Rs 1,600 crore during the same period.  The net interest income or the difference between interest earned and paid out,  rose a little just by 1 percent to Rs 2,814 crore.

During the quarter, the bank got a tax write-back (reversal of tax provisions) of Rs 483 crore. Excluding the tax component, profit before tax plunged more than 54 percent to Rs 546 crore. Other income however increased by 33 percent to Rs 1,191 crore.

Net profit fell 11 percent y-o-y to Rs 4,480 crore for the year ended March 31, 2013.

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Gross non-performing asset ratio worsened to 2.40 percent as compared with 1.53 percent a year back. Net NPA ratio too increased to 1.28 percent as against 0.54 percent during the same period.

The bank expanded its loans by 14 percent y-o-y to Rs 3.28 lakh crore. Deposits grew at a higher pace of 23 percent to Rs 4.74 lakh crore.

At 12:18 hours, BoB shares were were trading at Rs 689 crore, down by more than 2 percent on NSE.