Bank of Baroda surges on strong Q1FY19 results
The net interest income for the quarter increased by 28 per cent yoy and 9.5 per cent qoq to Rs. 4,381 crore in Q1FY19 vs Rs. 3,405 crore in the same period the previous year. The interest income for the quarter rose by 10.3 per cent yoy to Rs. 11,639 crore in Q1FY19.
The asset quality showed little improvement sequentially as GNPAs marginally declined by 1 per cent qoq to Rs. 55,784 crore in Q1FY19 vs Rs. 56,480 crore in Q4FY18. The GNPAs as a percentage of total advances grew by 20 bps over the previous quarter to 12.46 per cent in Q1FY19.
The provisions saw a steady decline for the quarter by 8.6 per cent yoy and 67 per cent qoq. The net profit for the quarter stood at Rs. 528 crore in Q1FY19 vs net loss of Rs. 3,102 crore in the previous quarter.
Further, the advances have shown tepid performance with 3 per cent decline qoq to Rs. 4,14,517 crore in Q1FY19.
The stock has surged more than 9 per cent in Monday's trading session and is currently trading at 9.34 per cent up at Rs. 151 per share.