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Bank of Baroda: Asset quality issues persist

May 22, 2013 | Updated on Oct 30, 2019

Bank of Baroda (BOB) declared its results for the fourth quarter of financial year 2012-2013 (4QFY13). The bank has reported mere 0.6% YoY growth in net interest income and a 32% YoY fall in net profits for the quarter. Here is our analysis of the results.

Performance summary
  • Net interest income grows by mere 0.6% YoY in 4QFY13, on the back of 14% YoY growth in advances.
  • Other income grows by 33% YoY in 4QFY13 owing to whopping trading gains and robust profits on forex transactions. Core fee income grows by 9% YoY. Other income grew by 6% during the full year FY13.
  • Despite costs on overseas deposits coming down, global NIMs move lower from 3.0% in FY12 to 2.7% in FY13 primarily on account of lower global yields and higher domestic costs of deposits.
  • Net NPAs move up sharply from 0.54% in FY12 to 1.28% in FY13.
  • Net profit down 32% YoY in 4QFY13 and down 11% YoY in FY13; higher provisions on advances and lower net interest income dented the profitability. Moreover, had it not been for tax reversals in 4QFY13, the profits would have shrunk further.
  • Capital adequacy ratio stands at 13.30% at the end of FY13. TheTier I ratio stands at 10.13%.

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