New Delhi: Public sector lender Bank of Baroda (BOB) on Tuesday reported a 36 percent fall in net profit at Rs 355 crore for the quarter ending September due to higher provisioning for bad assets.


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Total income of the bank rose by a modest 3.68 per cent to Rs 12,490 crore during the July-September quarter of 2017 -18, compared to Rs 12,047 crore in the second quarter of 2016-17, the bank said in a regulatory filing statement.


The gross non-performing assets (NPAs) of the bank declined slightly to 11.16 percent of the gross loans by the end of second quarter, from 11.35 percent in the same period of last year and also from 11.40 percent in the April-June quarter of current financial year.


Net NPAs too fell to 5.05 percent of the net advances by September 30, 2017 from 5.46 percent as at end-September 2016.


In absolute value, gross NPAs were Rs 46,306.83 crore during the quarter against Rs 42,949.25 crore. And net NPAs or bad loans stood at Rs 19,572.62 crore, as compared to Rs 19,341.95 crore.


The provisioning for bad loans rose to Rs 1,847.22 crore in the quarter against Rs 1,630.45 crore.


Bank of Baroda said it made provision of 20 percent on secured sub-standard advances which is higher than the regulatory requirement of 15 percent.


Also, the bank said it made an additional provision of Rs 22.06 crore in respect of standard advances to stressed sectors of the economy.


"Due to change in appropriation of recovery in NPA accounts, additional income of Rs 93 crore has been recognised during the quarter ended September," it added.


"In compliance with RBI ... During the quarter ended September, 2017, the bank had made a provision of Rs 162.94 crore under Insolvency and Bankruptcy Code (IBC). Remaining Rs 325.89 crore will be provided in next two quarters as permitted under RBI directions," the bank said.


Net interest income--the difference between interest earned and expended--was up by 8.58 per cent from a year ago to Rs 3,720 crore. Income from other sources were up 11.20 percent to Rs 1,737 crore.


The total business of the bank stood at Rs 9.71 lakh crore as on September 30, 2017 as against Rs 9.22 lakh crore in the year ago period, up 5.30 percent.


The deposits stood at Rs 5.83 lakh crore by end of second quarter, 2017-18 against Rs 5.67 crore.


Bank of Baroda shares closed 1.51 percent higher at Rs 174.40 on BSE.