Bank of Baroda net profits marginally up at Rs 1168 crores

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Bank of Baroda has posted a net profit of Rs 1168 crores for the quarter ended June 30, 2013 as compared to Rs 1139 crores for the quarter ended June 30, 2012.

Total Income has increased from Rs 9328.41 crores for the quarter ended June 30, 2012 to Rs. 10717.49 crores for the quarter ended June 30, 2013.

As was the case with most of the banking stocks, the company reported higher non performing assets. Gross NPA's have come in at 2.99 per cent for the June 30 quarter, as compared to 2.44 per cent in the previous quarter.

Similarly, net NPA for the June 30 quarter were placed at 1.69 per cent, as against 1.28 per cent in the previous quarter. Deterioration in asset quality, particularly of public sector banks has been a cause of worry for the banking sector.

The stock of Bank of Baroda was trading lower by 2.91% on the Bombay Stock Exchange at Rs 545.

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