The Business Bytes
TBB BUREAU
NEW DELHI, MAY 13, 2022
The state-owned lender Bank of Baroda (BoB) on Friday declared a nine-fold jump in its profit after tax (PAT) of Rs 7,272 crore for the financial year 2021-22 (FY22) as compared to a PAT of Rs 829 crore registered in FY21.
BoB reported a net profit of Rs 1,779 crore in the fourth quarter (Q4) of FY22 as against a loss of Rs. 1,047 crore in Q4FY21. On a sequential basis however, the profit for the quarter declined 19 percent as against Rs 2,197 crore profit logged during the previous quarter.
The net interest income (difference between interest earned and interest expended) for the year FY22 rose 13 percent to Rs 32,621 crore as compared to the NII of Rs 28,809 crore for FY21.
BoB saw its NII during Q4FY22 bump up by 21 percent to Rs 8,612 crore as compared to Rs 7,107 crore reported during the same period in the previous fiscal. On a sequential basis, the NII was flat with a marginal growth of 0.7 percent from Rs 8,552 crore registered during the previous quarter.
The deposits and savings also witnessed robust growth of high single to low double digits on a YoY basis.
The operating income for the year at Rs 44,106 crore improved by 5.7 percent on year as the operating profit witnessed a growth of 5.6 percent to Rs 22,389 crore.
The net interest margin for the quarter witnessed a healthy growth of 272 bps on year to 3.08 percent.
The bank was able to improve upon its return ratios of Return on Assets (ROA) and Return on Equity (ROE).
The ROA improved to 0.60 percent for the reported year from 0.07 percent in FY21 while ROE surged by 1016 bps YoY to 11.66 percent for FY22.
