Bank of Baroda

3.07% improvement in NIM

Bank of Baroda reported a core operating performance by 29% in the quarter, operating profit of Rs. 2139.97 crore over 26% growth in NII of Rs. 2566.91 crore for the quarter ended 11th to September. But the 156% spike in bad loans and bad debts written accounting to the tune of Rs. 298.13 crore has been limited to 14% growth in net profit at Rs. 1166.08 crore. In addition, the Bank has reported improved margins and contained 1% deviations from the quarter under review.

Asset quality

Asset quality has remained the company is a sequential basis, but slipped on yoy basis. Gross NPA increased by 25% in the quarter and declined by 1% at Rs. 3402.10 crore quarter under review. Fresh additions during the quarter were to the tune of Rs. 582.51 crore and Rs reductions. 605.87 crore. Net NPA has jumped up 53% yoy and 9% of the quarter at Rs. 1118.58 crore.
% GNPA review quarter was 1.41% against 1.39% and 1.46% a year ago quarter ago. % NNPA was 0.47% to 0.38% in the review quarter a year ago and 0.44% in one quarter ago. Provision coverage ratio was 81.97% at the end of the 11th to September.
Around the 11th of this book September was Rs. 7829.17 crore of which Rs. 1117.74 crore were restructured during the quarter.

Business Highlights

Global business increased by 23% at Rs. Rs 462,619 crore on September 10. 568,306 crore at the end of the 11th to September. Total assets grew by 24% at Rs. 387,287 crore quarter under review.
Advances grew by 24% at Rs. 239,120 crore against Rs quarterly review. 192,959 crore the previous year. Retail credit grew by 10% to Rs. 29,885 and accounted for 17.4% of the core of domestic credit. On the other hand, SME credit grew by 28.3% to Rs. 30,149 crore and the Farm Credit inched up marginally to 5% of Rs. 22,619 crore at the end of the 11th to September.
Deposits increased by 22% at Rs. Rs 269,660 crore on September 10. 329,185 crore for the quarter ended 11th to September. CASA share of domestic deposits in total deposits was 34.02% and 36.23% in terms in terms of deposits at the end of the 11th to September.
The domestic business has improved 19% at Rs. 413,753 crore through the quarter, 19% growth in deposits of Rs. 244720 crore and 19% growth in advances to Rs. 169,034 crore.
CD ratio improved from 72.6% in the review quarter, with a 71.6% a year earlier.
NIM has risen by 2.87% and 3.02% in Q1FY12 Q2FY11 to 3.07% in the quarter under review. Domestic operations, NIM has risen 3.39% at the end of the 11th June and 3.62% for the quarter ended September 10 to 3.67% per quarter under review.
Global advances for improved yield 9.64% 9.11% quarterly review of a quarter ago and 8.40% a year ago. Cost of deposits inched up 5.61% compared with 5.36% one quarter ago and 4.50% a year ago.
The capital adequacy ratio was 12.73% and Tier I ratio of 8.82% at the end of the 11th to September. When the half-year profit was real, and the Tier I CRAR to exceed 86 bps.
Investment book has improved by 33% at Rs. 88,340 crore for the quarter ended 11th September against Rs. 66,194 crore the previous year. Proportion of the total SLR securities investment was 81.30%. SLR was 27.11% of the NDTL%.
The Bank has a network of 3,492 branches and 1,800 ATMs at the end of the 11th to September.
Book value per share has inched up to Rs. 573.12 at the end of September 11 against Rs. 430.15 the previous year.
Return on average assets slipped to 1.23%, 1.27% in quarter review of the previous year.

Quarterly Performance:

For the quarter ended 11th September, the Bank has announced 26% increase in NII at Rs. 3301.25 crore, thanks to a strong 41% increase in interest earned of Rs. 7251.44 crore. Interest payments jumped to 43% for Rs. 5482.35 crore while interest on investments increased by 34% at Rs. 1546.14 crore and the way to a strong growth in both. On the other hand, sharp peaks of the cost of deposits has contributed to a strong 50% increase in interest expended at Rs. 4684.53 crore and curtailed growth in NII up 26%. Fee and commission income increased by 13% at Rs. 401.99 crore during the trading profits were obstructed by a sharp 91% at Rs. 10.15 crore quarter under review. However, the recovery increased from 76% off accounts of Rs. 121.97 crore. Thus, non-interest income rose marginally to 8% of Rs. 734.34 crore and out of the total net income up 21% Rs. 3301.25 crore.

Employee costs are slightly slipped 1% at Rs. 646.61 crore while other operating expenses increased 27% at Rs. 514.67 crore and the way up to 9% of total operating expenses of Rs. 1161.28 crore. Cost-income ratio has slipped to 390 bps to 35.2% and led to a 29% rise in operating profit of Rs. 2139.97 crore. In addition, provisions, and there were still more than doubled (up 161%) to Rs. 483.35 crore. Courtesy and 156% increase in the NPA and provisions for bad debts written accounting to the tune of Rs. 298.13 crore and Rs. 150 crore due to provision for depreciation on investment (the write back of Rs. 20.11 crore the previous quarter). The Bank is also charged Rs. Due to a deficit of Rs 13 crore. 156.06 crore from Union Bank takeover Memon quarter under review. Resultantly led to the growth in PBT 12% of Rs. 1643.62 crore. After accounting 160 bps increase in the effective tax rate is 29.1%, net profit rose 14% at Rs. 1166.08 crore.

Half-year Performance:

For the half year ended September 11, the bank has announced 17% increase in net profit at Rs. 2198.93 crore over 25% growth in NII of Rs. 4864.10 crore. Marginal increase of 6% non-interest income was offset by 290 bps dip in the cost-income ratio of 25% and led to the rise in operating profit of Rs. 3971.25 crore. Dual provisions and contingencies of Rs. 874.40 crore and Rs. 26.01 crore free of charge at the expense Memon joint takeover of the bank led to 17% of the Net.

Bank of Baroda: Financial Results


DATA 1109 (3) 1009 (3) Var% in 1109 (6) 1009 (6) Var% 1103 (12) 1003 (12) Var%
Interest Earned 7,251.44 5,158.66 9,885.62 41 13,883.21 40 21,885.92 31 16,698.34
Interest expended 4684.53 3120.52 50 9019.11 5989.49 51 13083.66 10758.86 22
Net Interest Income 2566.91 2038.14 26 4864.10 3896.13 25 8802.26 5939.48 48
Other income 734.34 681.30 8 1375.21 1298.54 6 2809.18 2724.91 3
Net Total Income 3,301.25 2,719.44 6,239.31 21 5,194.67 20 8,664.39 34 11,611.44
Operating expenses 1161.28 1062.70 9 2268.06 2010.06 13 4629.83 3810.58 21
Operating income 2139.97 1656.74 29 3971.25 3184.61 25 6981.61 4853.81 44
Provisions and Contingent 483.35 185.49 161 874.40 436.82 100 1331 .29 697.20 91
EO -13.00 0.00 0 -26.01 0.00 0 0.00 81.45 -100
Profit before tax 1643.62 1471.25 12 3070.84 2747.79 12 5650.32 4238.06 33
Provision for Tax 477.54 451.95 6 871.91 869.33 0 1408.64 1179.73 19
Earnings 1166.08 1019.30 14 2198.93 1878.46 17 4241.68 3058.33 39
EPS * (R) 118.7 103.8 112.0 95.6 108.0 77.9
* Annualized current equity of Rs. 392.81 crore.
Face Value of Rs. 10th
The figures of Rs. crore
Source: Capital Line Corporate Database

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