Bank of Baroda Q1 PAT climbs 79% YoY to Rs 2,168 cr

0


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.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

Share.

Comments are closed.