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Bank of Baroda's fiscal Q1 net profit falls YOY; sees rise in provisions

Bank of Baroda's net profit for the quarter ended June 30 fell year over year amid a rise in bad debt provisions.

The bank posted first-quarter consolidated profit after tax of 3.02 billion Indian rupees, down from 5.45 billion rupees in the prior-year period. Weighted average EPS fell to 1.20 rupees from 2.36 rupees.

The first-quarter S&P Capital IQ consensus estimate for normalized EPS was 3.00 rupees, with four analysts reporting, while the GAAP EPS estimate was 4.07 rupees, with three analysts reporting.

Net interest income ticked up to 37.51 billion rupees, from 37.12 billion rupees in the year-ago period, while fee income rose to 4.40 billion rupees from 3.63 billion rupees.

Provisions rose year over year to 25.51 billion rupees from 21.83 billion rupees.

The bank's total income for the quarter increased to 55.35 billion rupees from 53.36 billion rupees in the prior-year quarter, while operating profit dropped to 29.74 billion rupees from 30.13 billion rupees over the same period.

Bank of Baroda's stand-alone gross non-performing asset ratio rose to 11.40% as of June 30, from 10.46% as of March 31 and 11.15% as of June 30, 2016. The net NPA ratio for the quarter came in at 5.17%, up from 4.72% in the previous quarter, but down from 5.73% in the year-ago quarter.

As of June 30, the bank's consolidated capital adequacy ratio under Basel III stood at 12.31%, down from 12.80% as of March 31 and 13.54% as of June 30, 2016.

As of Aug. 11, US$1 was equivalent to 64.14 Indian rupees.