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Bank of Baroda reports Q1, net profit down 23 percent

India’s second biggest state run lender by assets, Bank of Baroda has reported a 23 percent fall in quarterly net profit, yet has topped the estimates.

The profit fell 22.8 percent year-on-year to Rs 1,052 crore whereas the net interest income grew by 4 percent to Rs 3,460 crore.

On account of lower other income & operating profit and low growth in net interest income & higher provisions, the profitability was impacted.

“Non-performing loan provisioning coverage ratio was 64.94 percent as on June 2015,” the bank said in its filing.

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