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Today BoB Reports 60% Jump in Q1 net; Gross NPA Rises to 11.15%

Today BoB Reports 60% Jump in Q1 net; Gross NPA Rises to 11.15%

NEW DELHI: Bank of BarodaBSE -7.42 % (BoB) on Thursday reported a net profit of Rs 423.62 crore, which was better than Rs 395 crore profit evaluated by analysts in an ET Now poll. This is in comparison with a net loss of Rs 323.01 crore expressed for March quarter and Rs 1,052 crore reported for the year-ago quarter. Interest earned during the June quarter cut down to Rs 10,433.52 crore from Rs 11,276.49 crore in the year-ago quarter. Interest earned during the June quarter drop to Rs 10,433.52 crore from Rs 11,276.49 crore in the year-ago quarter. What disappointed most were gross non-performing assets (GNPAs), which boosted to 11.15 %  in the first quarter from 9.9 %  in March quarter. Net NPAs at 5.73 % were larger than 5.06 % reported for the March quarter. The bank said improved deposit mix led to a decrease in cost of domestic deposits to 6.21 % as of June 30from 6.61 % as of March 31. Entire business of Rs 9,24,940 crore as of June 30, the company said, was lower than Rs 10,01,475 crore reported for the year-ago quarter on account of designed structured reduction of low-yielding assets and high cost liabilities. At the same time, a rundown of certain unprofitable assets led to an development in net interest margin for the international business to 0.98 %, the lender said. NIM for domestic working stood at 2.8 %, BoB said. At 9.16 am, the stock was trading 5.18 % bottom at Rs 152 on...
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