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Bank of Baroda's fiscal Q1 profit rises YOY as provisions fall

Bank of Baroda reported a year-over-year increase in net profit for the quarter ended June 30 as interest income improved and provisions declined.

The bank said consolidated profit after tax for the fiscal first quarter increased to 6.56 billion Indian rupees from 3.02 billion rupees in the prior-year period. EPS rose to 2.48 rupees from 1.31 rupees.

The fiscal first-quarter S&P Capital IQ mean consensus estimate for normalized EPS was 97 paise, with four analysts reporting.

Net interest income climbed to 47.42 billion rupees from 37.51 billion rupees. Fee income, meanwhile, rose to 4.82 billion rupees from 4.40 billion rupees.

Provisions declined year over year to 23.68 billion rupees from 25.51 billion rupees.

The bank's total income for the quarter increased to 62.02 billion rupees from 55.35 billion rupees in the prior-year quarter. Operating profit climbed to 33.73 billion rupees from 29.74 billion rupees over the same period.

Bank of Baroda's stand-alone gross nonperforming asset ratio rose to 12.46% as of June 30, from 12.26% as of March 31 and 11.40% as of June 30, 2017. The net NPA ratio for the quarter clocked in at 5.40%, down from 5.49% in the previous quarter but up from 5.17% in the year-ago quarter.

As of June 30, the bank's consolidated capital adequacy ratio under Basel III stood at 12.84%, down from 12.87% as of March 31 but up from 12.31% as of June 30, 2017.

As of July 26, US$1 was equivalent to 68.70 Indian rupees.