Bank of Baroda posts net profit of Rs 710 crore for June quarter

State-owned Bank of Baroda (BoB) on Thursday reported a standalone net profit of Rs 709.87 crore for the first quarter ended June 30, 2019. This was the banker's first earnings announcement after it merged Dena Bank and Vijaya Bank with itself.

"The bank had posted standalone net profit of Rs 528.26 crore in June quarter of 2018 and loss of Rs 991.37 crore in March quarter of 2019," BoB said in a filing to the Bombay Stock Exchange.

Standalone total income of the public sector lender stood at Rs 20,860.9 crore during the quarter under review. It was Rs 12,787.71 crore during the corresponding quarter of the previous fiscal.

The state-run lender said that results were not comparable with immediately preceding quarter and corresponding previous year as Vijaya Bank and Dena Bank had merged with it, effective from April 1, 2019.

"The results for quarter ended June 30, 2019 include operations of erstwhile Vijaya Bank and erstwhile Dena Bank. Hence the results for the current quarter are not comparable with immediately preceding quarter and corresponding previous year," BOB said in the regulator filing.

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Bank of Baroda's net interest income (NII), or the core income earned by giving loans, was at Rs 6,498 crore in April-June quarter of FY20 and 4,381 crore in Q1FY19.

The other income (non-interest income), including core fee income, stood at Rs 1,916 crore in June quarter, while provisions and contingencies was reported at Rs 3,285 crore.

On consolidated basis, the bank's net profit for Q1FY20 was Rs 826.13 crore, while total income stood at Rs 22,056.95 crore in the June quarter of 2019-20.

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BoB's gross non-performing assets (NPAs) ratio - bad loans as a percentage of gross advances - stood at 10.28 per cent, while Net NPA was at 3.95 per cent during June quarter. The figures stood at 12.56 per cent and 5.40 per cent, respectively, in the year ago period.

Ahead of Q1 results, shares of Bank of Baroda closed trade at Rs 109.55 apiece, down 0.68 per cent, on the BSE on Thursday.

Edited by Chitranjan Kumar