August8 , 2022

Bank Of Baroda reports standalone net profit of ₹2,168 crore in Q1, NII up 12%

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State-owned Bank of Baroda on Saturday reported a 79.3% year-on-year jump in its standalone net profit at 2,168 crore in the April-June quarter of this year (Q1FY23) as against a profit of 1,209 crore in Q1FY22.

The Net Interest Income (NII) grew by 12% to 8,838 crore in the quarter under review, boosted by fee income that climbed 15%. The Operating Income for the June quarter came at 10,020 crore.

Its total income in the first quarter of the current fiscal increased to 20,119.52 crore compared to 19,915.83 crore, as per a regulatory filing.

The lender’s interest income also rose to 18,937.49 crore from 17,052.64 crore a year ago.

Cost of deposits reduced to 3.46% in the quarter as against 3.55% in Q1FY22, the bank said in a regulatory filing.

However, operating profit for the quarter declined by 19% to 4,528 crore from 5,707 crore a year ago.

Gross NPA improved in June qtr

The gross non performing asset (NPA) of the bank reduced to 52,591 crore in the quarter from the level of 66,671 crore in Q1FY22 and the Gross NPA Ratio has improved to 6.26% in Q1FY23 from 8.86% in Q1FY22.

The Net NPA Ratio of the bank has improved to 1.58% in Q1FY23 as compared with 3.03% in Q1FY22.

As a result, provisions other than tax and contingencies for bad loans declined to 1,684.80 crore in the April-June FY23 against 4,005.40 crore in the year-ago period.

As of June this year, the Provisioning Coverage Ratio stood at 89.38% while the net interest margin was stable at 3.02%.

Domestic advances of the bank increased to 6,95,493 crore, registering a growth of 15.7%.

The capital adequacy ratio (CAR) at the end of the quarter stood at 15.46% with CET-1 at 12.97% on a standalone basis.

The organic retail loan portfolio of the bank grew by 23.2% led by growth in personal loan portfolio by 147.1%, auto loan by 25.6%, education loan by 20.5%, and home loan by 15.3% on an annual basis, the bank said.

Shares of Bank of Baroda Ltd closed 0.68% lower at 116.35 apiece on the NSE on Friday.

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