Bank of Baroda on Tuesday announced that it has registered a 54% cent surge in its net profit at Rs 2,384.08 crore for the fourth quarter ended March 31, 2009, compared to Rs 1,548.38 crore in the year-ago period. However, the State-run bank posted a growth of 28% in its total income, at Rs 18,297.91 crore from Rs 14,306.67 crore of same period.

Yesterday, Bank of Baroda reduced interest rates on its various maturity deposits by 0.25-0.75 per cent. The rate reduction will be effective from May 27 and will be applicable for all maturities above 181 days.

Recently, many banks including country's largest lender SBI have reduced deposit rates across various maturities in the recent past, taking a cue from the RBI policy signals.

The shares of Bank of Baroda settled the day on Rs 434, down 1% compared to its previous close.