Bank of Baroda's net up 20 p.c.

Bank of Baroda has reported all round progress in its operations in the first quarter of the current fiscal.

It reported a net profit of Rs. 182.61 crores against Rs. 151.78 crores in the corresponding period in the previous year.

The net profit was arrived at after taking into account Rs. 43.75 crores provided towards voluntary retirement scheme on a pro-rata basis and also after providing NPAs, taxes and contingencies, including gratuity, pension and leave encashment benefits to employees on a pro-rata estimated basis.

The operating profit has increased by 28.69 per cent to Rs. 362.61 crores from Rs. 281.78 crores. Total income has risen to Rs. 1,677.36 crores from Rs. 1,554 crores.

Interest income accounted for Rs. 1,500 cores (Rs. 1,410 crores). Interest expenses were Rs. 944.66 crores (Rs. 935.69 crores). Other income amounted to Rs. 176.96 crores (Rs. 143.19 crores).

Global deposits of the bank rose to Rs. 55,145 crores from Rs. 51,450 crores and advances by 13 per cent to Rs. 27,996 crores from Rs. 24,874 crores.

The capital adequacy ratio was 12.50 per cent against 12.10 per cent.

Global Trust Bank

The net profit of Global Trust Bank has declined by 56.13 per cent to Rs. 16.30 crores during the quarter ended June 30, 2001 from Rs. 37.16 crores in the same period of the previous fiscal. Total income was marginally higher at Rs. 260.90 crores against Rs. 259.37 crores in April-June 2000.

The bank made a provision of Rs. 15 crores for non-performing assets in the first quarter. Specific provision for NPAs grew to Rs. 12.67 crores (Rs. 11.15 crores)

The bank has maintained a capital adequacy ratio of 13.58 per cent. While deciding to be `more prudential in recognising probable losses', the bank chose to extend its conservative approach and continued to make a provision to meet contingencies.

Aggregate deposits at the end of June 30, 2001 stood at Rs. 6,768 crores, about 12.5 per cent lower as compared to the year-end base of Rs. 7,734 crores. Similarly, advances were lower by 16 per cent at Rs. 3,440 crores as compared to Rs. 4,099 crores.

Send this article to Friends by E-Mail

Section  : Business
Previous : Tata Teleservices' investment plans
Next     : 33 p.c. interim from SmithKline Beecham Consumer