Mumbai: Bank of Baroda has posted 19.85 percent increase in net profit at Rs.292.99 crore in the first quarter ended June 30, 2004 as against Rs.244.47 crore in the corresponding period last year. Similarly overall operating profit was up by 28.30 percent at Rs.596.49 crore from Rs.464.91 crore in Q1 2003-04.

Total income rose to Rs.1923 crore from Rs.1796.97 crore registering an increase of 7.01 percent. Interest income was lower by 3.68 percent at Rs.1528.41 crore from Rs.1586.88 crore last year. Adjusting for extraordinary income of Rs.75 crore being interest on refund of income tax in June 2003 (Rs.9 crore in June 04) the fall is marginal. The fall has been on account of fall in yields on the asset side.

Net interest income after adjusting for the extraordinary income as above, however, has grown by 14.43 percent to Rs.674.00 crore from Rs.589.00 crore registering a rise of 14.43 percent.

Other income rose by 87.82 percent to Rs.394.59 crore from Rs.210.00 crore. Treasury income by sale of investment rose to Rs.219.79 crore from Rs.67.59 crore. This includes gain on stock market operations of Rs.21.86 crores.

Total expenditure declined marginally by 0.42 percent at Rs.1326.51 crore from Rs.1332.06 crore. Interest expenditure declined substantially by 8.35 percent to Rs.845.37 crore from Rs.922.42 crore. Payments to and provisions for employees rose by 18.94 percent on the back of increased provisions towards pension, gratuity, leave encashment etc. Total provisions and contingencies rose by 37.68 percent to Rs.303.50 crore from Rs.220.44 crore.

Provisions for NPAs reduced by 64.46 percent to Rs.71.20 crore from Rs.200.31 crore. However provisions for depreciation on investments rose to Rs.58.51 crore from Rs.1.14 crore being net depreciation on securities (including stock market).

Fee based income and other income (excluding sale of investments) rose by 22.67 percent to Rs.174.80 crore from Rs.142.50 crore. This forms 9.10 percent of the total income.

Spread to average working funds (excl. extraordinary income) rose to 3.16 percent from 2.96 percent.

Total business mix has grown by 12.53 percent to Rs.1,10,787.52 crore from Rs.98450.07 crore.

Total deposits rose by 12.50 percent to Rs.73570 crore from Rs.65398 crore.

Total advances rose by 12.60 percent to Rs.37218 crore from Rs.33052 crore.

Retail lending rose by 57.36 percent to Rs.4688.08 crore from Rs.2979.17 crore. It is 14.76 percent of total domestic advances.

Housing loan portfolio has increased by 53.15 percent to Rs.2798 crore from Rs.1827 crores.

Net NPAs have gone down to Rs.1056.25 crore from Rs.1242.26 crore, percentage-wise there is fall from 3.82 percent to 2.90 percent. Gross NPAs rose marginally by Rs.79 crore during the above period giving 10.41 percent of total advances.

Capital Adequacy Ratio went up to 13.97 percent from 13.91 percent as of 31.03.2004.

The bank expects to grow the deposits and advances portfolio during the year 2004-05, by about 18 percent.