Huge rise in Bank of Baroda’s profit

Bank-of-BarodaThe Bank of Baroda (BoB) has announced its financial results for the fiscal 2009-10. The company has reported to manage an impressive fourth quarter net profit and net income. The net profit of the company has increased to 20.41% as compared to the same period in the preceding year. It has touched to Rs 906.28 crore at the end of 31st March.

So far as the net profit of last year is concerned, the bank has earned a net profit of Rs 752.69 crore in the same quarter last year. However it has been expected that the nationalized bank could end up with a mammoth net profit over Rs 800 crore in this particular quarter.

The sticking net profit hike has also pulled the net interest income (NII) of the bank. The bottom-line growth has produced a 19% jump in the bank's net interest income.

Chairman and Managing Director of the company, M. D. Mallya has informed that the net interest income of the company has also improved due to the decline in its high cost bulk deposits.