State-run lender Bank of Baroda reported a net profit of ₹710 crore for the quarter ended June 30, as compared to ₹528 crore reported in the same period of the previous year.
The numbers, however, are not comparable, since Bank of Baroda merged with two other State-run lenders — Dena Bank and Vijaya Bank — from April 1, 2019. The net profit for the latest quarter is of the amalgamated entity while that of the comparable period last year is of Bank of Baroda standalone.
On a comparable basis, the amalgamated bank made a loss of ₹49 crore in the same period last year.
Net Interest Income (NII) increased to ₹6,496 crore compared with ₹6,331 crore last year, an increase of 2.6% on year. Net Interest Margin (NIM) declined to 2.62% in June 2019 from 2.69% in June 2018.
Bank of Baroda said while year-on-year credit growth of the amalgamated entity moderated to 6.4%, on a standalone basis, the lender continued to grow in-line with its trend rate of growth.
“Lending to erstwhile customers of Dena Bank has resumed,” it said.
Gross NPA was ₹69,714 crore as on June 30, 2019, which is 10.28%. Fresh slippages for the quarter was at ₹5,583 crore, while provision for NPAs was at ₹3,168 crore for the quarter. Domestic current and savings account (CASA) deposits registered a growth of 6.94%.
The share of CASA deposits to total domestic deposits stood at 36.55% at the end of June.
Domestic advances saw a growth of 5.18% to ₹5.33 lakh crore led by retail loans which grew by 20.54%.
The bank’s total business stood at ₹15.28 lakh crore as on end June, an increase of 5.73% on year. The capital adequacy ratio was at 11.50% and common equity tier-1 ratio at 8.49% as at June end.