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

State-owned Bank of Baroda reported a 79.3% year-over-year increase in its stand-alone net profit on Saturday. 2,168 crore in the April-June quarter of this year (Q1FY23) at a gain of 1,209 crore in Q1FY22.

Net interest income (NII) increased by 12% to 8,838 crore in the reporting quarter, boosted by fee income that rose 15%. Operating income for the June quarter was: 10,020 crores.

Total income in the first quarter of the current fiscal rose to 20,119.52 crore compared to 19,915.83 crore, according to a regulatory filing.

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

The cost of deposits fell to 3.46% in the quarter, from 3.55% in Q1FY22, the bank said in a regulatory filing.

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

Gross NPA improved in June qtr

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

The bank’s net NPA ratio improved to 1.58% in Q1FY23, compared to 3.03% in Q1FY22.

As a result, provisions, except for taxes and contingencies for bad loans, decreased to 1,684.80 crore in the April-June period FY23 against 4,005.40 crore in the period from a year ago.

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

Bank’s domestic advances rose to 6,95,493 crore, a growth of 15.7%.

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

The bank’s organic retail loan portfolio grew 23.2%, led by personal loan growth of 147.1%, auto loans 25.6%, education loans 20.5% and home loans 15.3% year-on-year the bank said.

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

Check out all the industry news, banking news and updates on Live Mint. Download the Mint News app to get daily market updates.

More or less

Subscribe to Mint Newsletters

* Please enter a valid email address

* Thank you for subscribing to our newsletter.

Leave a Comment

Your email address will not be published.