Mumbai: Bank of Baroda’s Oct-Dec net profit soared 52% from a year ago to Rs 501 crore on the back of strong growth in other income. Other income grew 85.2% to Rs 618 crore from a year ago, while net interest income was up 3.82% to Rs 997 crore.

The bank’s deposit rates are high and any “cut in lending rates should be preceded by a cut in deposit rates,” chairman and managing director Anil Khandelwal told reporters on Wednesday.

“The timing of an interest rate cut may be in March-April,” he said. The bank’s credit grew at 23% in the current financial year, compared with over 30% in the previous year. “We see a credit growth of 24% in this year (2007-08),” Khandelwal said. The bank’s net interest margin remained steady at around 3%, he said.

The bank’s gross non-performing asset was 2.11% in the third quarter of current financial year.

IOB net jumps 25%
Indian Overseas Bank on Wednesday said third quarter net profit rose 25%. Profit in the quarter ended December 31, 2007, rose to Rs 308 crore, as compared to Rs 246.8 crore for the corresponding quarter last financial year.

Total Income for the quarter increased to Rs 2,295 crore, from Rs 1,608 crore for the quarter ended December 31, 2006.

OBC net falls 24%
OBC today reported a 24% decline in net profit at Rs 138.5 crore for the third quarter ended December 31, 2007 as compared to Rs 182.5 crore in the corresponding quarter last fiscal.

However, total income jumped 32% to Rs 1,915 crore, against Rs 1,446.7 crore in the same period a year ago.

Andhra Bk profit up 17%
Andhra Bank recorded net profit of Rs 159 crore for the quarter ended December 31, 2007, as compared to Rs 136 crore for the one ended December 31, 2006. Total income rose to Rs 1,233 crore in the third quarter, from Rs 927 crore in the same quarter last fiscal.

Indusind net up 16%
Indusind Bank Ltd posted a net profit of Rs 25 crore in the third quarter of financial year 2007-08, up 16% from the Rs 21.6 crore in the same quarter in the last fiscal. Total income increased from Rs 461.8 crore to Rs 566 crore.

Source : Dna