Bank of Baroda net rises 16 per cent on lower provisioning

State-owned lender Bank of Baroda's standalone net profit rose by 16.6 per cent to Rs 1,361.88 crore in the first quarter ended June 30, 2014, on lesser provisioning and decline in non-performing assets (NPAs).

The bank said its net profit in the April-June quarter last year stood at Rs 1,167.87 crore.

"Total income has increased from Rs 10,717.49 crore for the quarter ended June 30, 2013, to Rs 11,682.5 crore for the quarter ended June 30, 2014," the bank said in a filing to the Bombay Stock Exchange.

The provisioning for bad loans and contingencies made by the bank were reduced to Rs 526.71 crore for the first quarter FY15, from Rs 1,017.86 crore in the year-ago period.

Net NPAs or bad loans during the quarter under review were trimmed to 1.58 per cent from 1.69 per cent year ago. However, gross NPAs went up to 3.11 per cent in the first quarter of the current fiscal against 2.99 per cent in the corresponding period a year ago.

Shares of Bank of Baroda were trading 1.21 per cent higher at Rs 871.95 per scrip on BSE in noon trade.