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Bank of Baroda net profit jumps to Rs 737 cr on higher NII(Eds: Adding more details)

Bank of Baroda net profit jumps to Rs 737 cr on higher NII(Eds: Adding more details) Mumbai, Nov 8 (PTI) State-run Bank of Baroda on Fridayreported a massive jump of 394.63 per cent net profit at Rs737 crore in the quarter ended September due to higher netinterest income.

The bank had reported a profit after tax of Rs 149crore in the same period last year on a standalone basis. BOBamalgamated Dena Bank and Vijaya Bank with it from April 1,2019.

'We have shed our high cost deposits. Our net interestincome has grown 10 per cent leading to higher profit,' thebank's executive director Murali Ramaswami said.

Net interest income (NII) grew at 10.1 per cent to Rs7,028 crore.

Net interest margin improved by 19 basis points to2.81 per cent in Q2 FY20.

Gross NPA ratio were at 10.25 per cent and net NPA was3.91 per cent.

Provision for NPAs was at Rs 3,425 crore for thequarter.

Fresh slippage for the quarter was Rs 6,001 crore.

'There were two NBFCs, of which one was housingfinance company, one textile company and one plastic companythat slipped into NPA in the quarter,' he said.

The bank's has an exposure of Rs 2,000 crore totroubled mortgage player DHFL.

The account is still a standard in the bank's book.

Domestic deposits stood at Rs 7,83,492 crore as onSeptember 30, 2019 up by 4 per cent and advances grew by 2 percent to Rs 5,33,174 crore.

The bank's scrip closed at 2.39 per cent down at Rs93.80 on BSE on Friday. PTI HVAP AP