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BoB net up 52% to Rs 501 cr (Business Standard 31th June 2008)
Bank of Baroda has posted a 52.2 per cent growth in net profit for the third quarter ended December 2007 at Rs 501.5 crore on jump in income from sale of investments including equity, recoveries from written-off accounts, commissions and interest income.
Total income during the quarter rose to Rs 3,620.18 crore from Rs 2,668.11 crore in the year-ago period. Interest income rose by 28.60 per cent to Rs 3002.19 crore. Interest expenditure was up by 40.6 per cent to Rs 2,004.72 crore.
During the December quarter, the net interest income rose by 9.8 per cent to Rs 997.47 crore from Rs 908.21 crore. More
Costly bulk deposits drag down OBC profit by 24% (Business Standard 31th June 2008)
Hit by high cost deposits, Oriental Bank of Commerce’s (OBC) net profit dipped by 24 per cent to Rs 138 crore for the third quarter ended December 31, 2007, compared with Rs 182 crore in the same quarter of the previous financial year.
“The dip in net profit was due to costly bulk deposits raised in March 2007. We will offload these bulk deposits by March and expect to save Rs 50-100 crore on the interest front in the third quarter,” said Executive Director Allen C A Peirera.
The interest cost of the bank has gone up by over 50 per cent to Rs 1,345 crore in the October-December quarter from Rs 892 crore in the same quarter a year ago. More
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