BoB profit rises 61% to Rs 1,019 cr

MUMBAI: Bank of Baroda (BoB) said quarterly net profit rose 61% as its loans to corporates and individuals surged in an economy that is seeing record automobile and home sales. Net profit was at Rs 1,019 crore, up from Rs 634 crore a year earlier.

Announcing the results, the bank chairman and managing director MD Mallya said the rise in profit was driven by improved performance in every banking parameter, especially in the core banking business. “The profit has been largely driven by increasing core business activities,” Mr Mallya said.

The bank’s shares rose 2.07% to Rs 1,010.8, after touching an intra-day high of Rs 1,048.65 while the Sensex fell 64 points to 19,941. The bank’s net interest income rose to Rs 2,038 crore for the period under review against Rs 1,389 crore in the year-ago period. Its total income rose 23.5% to Rs 5,840 crore from Rs 4,731 crore in the corresponding quarter last fiscal.