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 BSE.