On a stand-alone basis, Bank of Baroda’s net profit jumped 79.39% to Rs 2,168.13 crore on a 1.02% rise in total income to Rs 20,119.52 crore in the first quarter in FY23 compared to the first quarter of FY22.
PSU Bank’s pre-tax profit soared 78.18% to Rs 2,842.72 crore in the first quarter of FY23 from Rs 1,595.42 crore in the same period last year .
Net interest income (NII) jumped 12% to Rs 8,838 crore in the first quarter of FY23 from Rs 7,892 crore in the first quarter of FY22. from 3.04% as of June 30, 2021 to 3.02% as of June 30, 2022.
The bank’s provisions and contingencies fell 57.9% to Rs 1,685 crore in the first quarter of FY23 from Rs 4,006 crore recorded in the corresponding quarter of the previous year.
On the asset quality front, the bank’s gross non-performing assets (NPA) were reduced to Rs 52,590.83 crore in Q1 FY23 from Rs 63,028.78 crore reported in Q1 FY22 and the gross NPA ratio s improved to 6.26% in Q1 FY23 from 8.86% posted in Q1 FY22. The net NPA ratio improved to 1.58% in the first quarter of FY23 from 3.03% recorded in the first quarter of FY22.
The bank’s provision coverage ratio was 89.38% including TWO and 75.94% excluding TWO in the first quarter of FY23.
The slippage rate decreased to 1.71% for the first quarter of FY23, compared to 3% in the first quarter of FY22. The cost of credit remained at 0.75% for the first quarter of exercise 23.
During the quarter, domestic deposits rose 8.5% year-on-year to Rs 9,09,095 crore, while domestic advances jumped 15.7% to Rs 6,95,493 crore. Overall Domestic CASA increased 10.9% YoY and Domestic CASA ratio improved 97 bps YoY to 44.18% in the first quarter of FY23.
The bank’s organic personal loan portfolio grew 23.2%, driven by growth in the personal loan portfolio of 147.1%, auto loans of 25.6%, education loans of 20 .5% and real estate loans of 15.3% on an annual basis. The agricultural loan portfolio increased by 14.4% YoY to reach Rs 1,10,854 crore, while the organic Micro, Small and Medium Enterprises (MSME) portfolio increased by 11.1% YoY to reach Rs 96,954 crore in the first quarter of FY23.
Cost of deposits reduced to 3.46% in Q1 FY23 from 3.55% recorded in Q1 FY22.
The bank’s return on assets (RoA) improved to 0.68% in the first quarter of FY23 from 0.42% in the first quarter of FY22. Return on equity (RoE) increased by 500 basis points year-over-year to 13.63% in Q1 FY23 compared to Q1 FY22.
The bank’s CRAR improved to 15.46% in June 2022 from 15.40% in June 2021. Level I stood at 12.97% and Level II at 2.49% in June 2022.
Bank of Baroda is one of India’s largest banks with a strong national presence covering 8,163 branches and 11,475 ATMs and cash machines supported by self-service channels. The bank has a significant international presence with a network of 94 overseas offices covering 17 countries. As of June 30, 2022, the Indian government held 63.97% of the bank’s capital.
Shares of Bank of Baroda fell 0.81% to stand at Rs 116.25 on Friday, July 29, 2022.
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