Bank of Baroda net profit falls by over 21 percent in 2014-15

State-owned Bank of Baroda on Monday said its consolidated net profit for 2014-2015 declined by over 21 percent at Rs.3,911.73 crore against Rs.5,000.73 crore during 2013-14.

Even as profitability fell, consolidated net revenues during the timeperiod under review rose by 9.4 percent at Rs.50,364.23 crore against Rs.46,018.05 crore in 2013-14. However, total expenses increased by over 11 percent at Rs.39,151.02 crore in 2014-15 against Rs.35,134.52 crore in 2013-14.

In a regulatory filing with the Bombay Stock Exchange, the bank said: "During the (fiscal) year, the bank has sold financial assets with net book value of Rs.185.54 crore to asset reconstruction companies on cash and security receipt basis which are treated as SlR (statutory liquidity ratio)."

The government's share in the bank also increased to 57.53 percent from 56.26 percent.

"During the (fiscal) year, the bank has allotted 6,44,20,471 shares of Rs.2 each fully paid up at a premium of Rs.193.59 per share to the Government of India. Total amount received by the bank on this account is Rs.1,260 crore," the statement said.

Its board of directors have proposed a dividend of Rs. 3.20 per share which is subject to shareholders' approval.