bank of baroda Ltd bank share BOB

Bank of Baroda Ltd (updated - 04 May 2010)
Bank of Baroda (BoB) posted better-than-expected net profit in the fourth quarter ended March 2010. A tab on operating expenses and robust growth in net interest income (up 18.6 per cent year-on-year) ensured that profits beat Street estimates. A one-time gain of Rs 81.45 crore through sale of its stake in UTI AMC and UTI Trustee also helped the bank post 20.4 per cent year-onyear (y-o-y) rise in its net profit to Rs 906.28 crore in the March quarter.

Disbursals in agriculture (27.4 per cent), small and medium enterprises (46 per cent) and retail (24 per cent) boosted advances during this quarter. Besides the domestic book, foreign loans that constitute around a quarter of the loan book grew faster at 25 per cent y-o-y than the overall loan book (21.6 per cent).

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BoB has been aggressive in mobilising deposits to aid business growth. This had an impact on low-cost deposits, which grew slower (7.5 per cent sequentially) than the overall deposit growth rate (at 12.1 per cent). Subsequently, current and saving account (Casa) deposits took aknock of 130 basis points and came at 35.6 per cent in the March quarter. A cool-off in the lending rates also put pressure on the margins, with net-interest margins falling 20 basis points sequentially to 2.6 per cent.

As expected, the trading income was lower by 60 per cent y-o-y, putting pressure on the non-interest income (NII) segment. However, growth in the fee income and recoveries ensured that NII declined only 10 per cent. Asset quality also looked stable with gross and net nonperforming assets (NPAs) at 1.4 per cent and 0.35 per cent, respectively. On the restructuring front, of the Rs 5,100 crore restructured assets, only Rs 420 crore slipped into NPAs during the last two years.