The Business Bytes
TBB BUREAU
MUMBAI, NOV 5, 2022
State-owned Bank of Baroda on Saturday reported 58.7 per cent year-on-year (YoY) growth in its net profit to Rs 3,313 crore for the second quarter ended September 30, 2022 (Q2FY23) as against a net profit of Rs 2,088 crore in the corresponding period of the previous fiscal.
Its total income rose to Rs 23,080.03 crore for the second quarter of 2022-23, compared to Rs 20,270.74 crore a year ago, it said in a regulatory filing.
Net interest income (NII) grew by 34.5 per cent to Rs 10,714 crore.
Domestic Deposits increased by 10.9 per cent YoY to Rs 9,58,967 crore in Q2FY23, while International Deposits grew by 38.3 per cent to Rs 1,31,205 crore. Domestic Savings Bank Deposits grew by 9.4 per cent to Rs 3,45,278 crore.
The lender improved its asset quality, with the gross non-performing assets (NPAs) coming down to 5.31 per cent of the gross advances by the end of September 2022, from 8.11 per cent in the year-ago period.
Net NPAs fell to 1.16 per cent from 2.83 per cent.
As a result, provisions for bad loans and contingencies declined to Rs 1,627.46 crore for the quarter from Rs 2,753.59 crore a year ago.
Net interest margins rose to 3.33 per cent at the end of September 2022.
Capital adequacy ratio declined to 15.25 per cent from 15.55 per cent at the end of September 2021.
