Bank Of Baroda’s Net Profit Rises 79.3% Yoy To Rs 2,168cr

Mumbai:  State-owned lender Bank of Baroda reported a sharp rise of 79.3 per cent in its standalone net profit to Rs 2,168 crore in the first quarter of the financial year 2022-23, as compared to Rs 1,209 crore reported in the same quarter last year on back of rise in net interest income and improvement in the asset quality.

The net profit of the bank for the consolidated entity stood at Rs 1,944 crore in the April-June quarter as against Rs 1,187 crore in the same quarter last year.

Net interest income of the bank grew 12 per cent to Rs 8,838 crore in the Q1FY23. While, net interest margins of the bank stands at 3.02 per cent in the quarter under review.

The non-performing assets (NPA) ratio of the state-owned lender improved sharply to 6.26 per cent in April-June quarter compared to 8.86 per cent in the same quarter last year. In absolute terms, gross NPA of the Bank reduced to Rs 52,591 crore in Q1FY23 from the level of Rs 66,671 crore in Q1FY22.

The net NPA Ratio of the Bank improved to 1.58 per cent in Q1FY23 as compared with 3.03 per cent in Q1FY22. The Provision Coverage Ratio of the Bank stood at 89.38 per cent including TWO and 75.94 per cent excluding TWO in Q1FY23. Slippage ratio decreased to 1.71 per cent for Q1FY23 as against 3 per cent in Q1FY22.

Fee based Income for the quarter increased by 15.6 per cent to Rs 1,277 crore. On the other hand, operating Income for Q1FY23 stands at Rs 10,020 crore and cost of Deposits reduced to 3.46 per cent in Q1FY23 as against 3.55 per cent in Q1FY22.

The total advances of the state-owned lender reported a strong growth of 18 per cent YoY. Organic Retail loan portfolio of the Bank grew by 23.2 per cent led by growth in Personal loan portfolio by 147.1 per cent, Auto loan by 25.6 per cent, Education loan by 20.5 per cent, Home loan by 15.3 per cent on a YoY basis.

Domestic Current Account Deposits stands at Rs 63,440 crore, up 10 per cent on-year and domestic Savings Bank Deposits grew by 11.1 per cent to Rs 3,38,182 crore. Overall Domestic CASA registered a growth of 10.9 per cent on a YoY basis.

Similarly, global deposits increased by 10.9 per cent YoY to Rs 10,32,714 crore. Domestic Deposits increased by 8.5 per cent YoY to Rs 9,09,095 crore in Jun’22.

As of June 30 this year, the state-owned lender’s has 8,163 branches and 11,475 ATMs and cash re-cyclers supported by self-service channels.

(IANS)