Bank Of Baroda reports standalone net profit of ₹2,168 crore in Q1, NII up 12%

The Net Interest Income (NII) grew by 12% to ₹8,838 crore in the quarter under review, boosted by fee income that climbed 15%. The Operating Income for the June quarter came at ₹10,020 crore.

Its total income in the first quarter of the current fiscal increased to ₹20,119.52 crore compared to ₹19,915.83 crore, as per a regulatory filing.

The lender’s interest income also rose to ₹18,937.49 crore from ₹17,052.64 crore a year ago.

Cost of deposits reduced to 3.46% in the quarter as against 3.55% in Q1FY22, the bank said in a regulatory filing.

However, operating profit for the quarter declined by 19% to ₹4,528 crore from ₹5,707 crore a year ago.

Gross NPA improved in June qtr

The gross non performing asset (NPA) of the bank reduced to ₹52,591 crore in the quarter from the level of ₹66,671 crore in Q1FY22 and the Gross NPA Ratio has improved to 6.26% in Q1FY23 from 8.86% in Q1FY22.

The Net NPA Ratio of the bank has improved to 1.58% in Q1FY23 as compared with 3.03% in Q1FY22.

As a result, provisions other than tax and contingencies for bad loans declined to ₹1,684.80 crore in the April-June FY23 against ₹4,005.40 crore in the year-ago period.

As of June this year, the Provisioning Coverage Ratio stood at 89.38% while the net interest margin was stable at 3.02%.

Domestic advances of the bank increased to ₹6,95,493 crore, registering a growth of 15.7%.

The capital adequacy ratio (CAR) at the end of the quarter stood at 15.46% with CET-1 at 12.97% on a standalone basis.

The organic retail loan portfolio of the bank grew by 23.2% led by growth in personal loan portfolio by 147.1%, auto loan by 25.6%, education loan by 20.5%, and home loan by 15.3% on an annual basis, the bank said.

Shares of Bank of Baroda Ltd closed 0.68% lower at ₹116.35 apiece on the NSE on Friday.

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