Mumbai, May 4: State-run Bank of Baroda (BoB) today reported a 17.3 per cent rise in net profit for the fourth quarter ended March at Rs 1,518.18 crore against Rs 1,294.35 crore in the same period a year ago, helped by a tax refund of around Rs 322 crore.
The net profit was better than analyst expectations of around Rs 1,300 crore.
However, non-performing assets (NPAs) and provisions against such loans rose during the quarter.
Gross NPAs rose to Rs 4,464.75 crore during the quarter from Rs 3,895.08 crore in the preceding three months, and the percentage of gross NPAs rose to 1.53 per cent of total assets from 1.48 per cent. Provisions for NPAs and bad debts written off rose to Rs 926.19 crore from Rs 424.39 crore in the corresponding period of the previous year. Agriculture and small scale industries weighed the heaviest on the bad loan book during the year.
BoB said during the past four years (April 1, 2008 to March 31, 2012), the bank restructured 84,498 accounts in its domestic business amounting Rs 15,084.23 crore. Of this, loans worth Rs 8,514.91 crore were restructured in 2011-12. However, about 88 accounts (of Rs 1 crore and above) restructured on or after April 1, 2008 with an aggregate outstanding of Rs 1,477.44 crore slipped into the NPA category.
The restructured accounts are spread over sectors such as infrastructure, iron and steel and services.
However, net interest income rose to Rs 2,797.40 crore during the quarter from Rs 2,613.88 crore a year ago.
The BoB scrip ended 6 per cent lower at Rs 687.05 on the BSE today.