The Business Bytes
TBB BUREAU
MUMBAI, JULY 30, 2022
With rise in net interest income and improvement in the asset quality, public sector lender Bank of Baroda (BoB)’s stand alone net profit zoomed 79.3 per cent to Rs 2,168 crore in the first quarter (Q1) of the current financial year (FY2022-23) as compared to Rs 1,209 crore reported in the corrsponding period in the previous fiscal.
The net profit of the bank for the consolidated entity stood at Rs 1,944 crore in Q1FY23 as against Rs 1,187 crore in the same quarter in FY22.
Net interest income of the bank grew 12 per cent to Rs 8,838 crore in the Q1FY23.
The non-performing assets (NPA) ratio of the bank 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.
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 stood at Rs 63,440 crore, and domestic Savings Bank Deposits at Rs 3,38,182 crore. Overall Domestic CASA registered a growth of 10.9 per cent on a Y-o-Y basis. Domestic Deposits increased by 8.5 per cent YoY to Rs 9,09,095 crore in June ’22.
