Bank of Baroda Net Profit Increased

According to a recent press report the net profit of from the Bank of Baroda has gone up by 14.4 % in the second quarter.

The net profit of the bank has increased from Rs. 1019 crore to Rs. 1166 crore compared to the previous year results. The net interest income of the bank has gone up by 26 per cent to Rs 2566.5 crore against Rs 2038 crore in the corresponding quarter last fiscal.

Apart from the profit and interest, the shares of the Baroda bank have also increased to 2.38 percent. The bank has recently hiked deposit rates in select maturities by 25-50 basis points with immediate effect. The bank has hiked the interest rate on deposits less than crore having maturity of one year to three years has been hiked to 9.25 per cent from 9 per cent.

It has also hiked the interest rates on deposits having maturity of above three years to five years to 9 per cent from 8.5 per cent. The bank has hiked the rates from 9 per cent to 8.5 per cent on tax saving scheme for five years.

Bank of Baroda’s credit basket includes home loan, personal loans, car loans, education loan, mortgage loans etc.