MUMBAI, July 29: Bank of Baroda has reported a net profit of Rs 126.50 crore for the first quarter of 1998-99. Comparative figures from the previous year's same period have not been provided as this is the first time the bank is coming out with quarterly results. The first quarter net profit figure compares favourably against the previous full year's net profit at Rs 458.73 crore.BoB has also done reasonably well on other parameters in the first three months if one compares the previous full year's figures. On most parameters, the first three months' returns cover about 30-35 per cent of the previous full year's figures.The stock market has reacted favourably to the quarterly results. BoB share prices shot up to Rs 102.50 against the previous close of Rs 95 before closing at Rs 98.60. The counter also witnessed huge volumes with 1,701 trades reported on the Bombay Stock Exchange.The bank has reported an operating profit of Rs 258.83 crore for the first quarter. The operating profit for full year1997-98 was at Rs 806.05 crore. The bank has provided Rs 132.38 crore under provisions and contingencies head for the first quarter against Rs 347.32 crore for the full year.The interest income for the first three months this fiscal is at Rs 1,170.37 crore against the previous full year figure of Rs 4,170.91 crore. Other income for the first quarter was at Rs 141.45 crore against the full year's Rs 543.29 crore. Interest expenditure was at Rs 781.93 crore for the first three months against Rs 2,837.53 crore for the full year. Operating expense were at Rs 271.01 crore for the first quarter. The first quarter results have been arrived at after considering provisions for NPAs, depreciation on investments, bonus, gratuity, leave encashment benefit of employees, income tax, interest tax and wealth tax, among other things, on an estimated basis.The bank has been able to return a good performance on account of low interest rates, despite fears early this fiscal that the interest rate is set to shoot up.
