Bank of Baroda said its net profit rose 107 per cent to Rs 2,197.03 crore in the third quarter due to increase in net interest income and lower provisions.
Bank of Baroda Q3 Results: Bank of Baroda’s net profit rose 107 percent in the December quarter of the current financial year. Releasing its December quarter results on Saturday, February 5, the bank said that its net profit increased to Rs 2,197.03 crore in the third quarter from Rs 1,061.11 crore in the year-ago period due to increase in net interest income and lower provisions.
Bank of Baroda’s net interest income stood at Rs 8,552.03 crore, up 14.38 per cent year-on-year in the December quarter. At the same time, its net interest margin (NIM) also increased by 0.36 per cent year-on-year to 3.13 this quarter, a significant measure of profit.
The bank said in the December quarter that its provisions and ancillaries declined by 27.33 per cent year-on-year to Rs 2,507.04 crore, the bank said. The bank’s revenue from other sources rose 13.45 per cent year-on-year to Rs 2,519.26 crore in December. Other sources include various fees, trading profits and miscellaneous income.
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Bank of Baroda’s gross non-performing assets (GNPA) fell to Rs 55,997 crore in the December quarter from Rs 63,182 crore in the same quarter last year. Similarly, the bank’s gross-NPA ratio also declined to 7.25 per cent from 0.86 per cent in the previous quarter.
Following the provisions, the bank’s net NPA ratio stood at 2.25 per cent in the December quarter, up from 2.83 per cent in the same quarter in the previous quarter and 2.39 per cent in the previous quarter.
The bank said its growth in the December quarter was 4.75 per cent year-on-year to Rs 7.32 lakh crore. The bank’s retail debt grew by 11.13 per cent year-on-year to about Rs 1.28 lakh crore. At the same time, the bank’s corporate debt book remained unchanged at Rs 2.91 lakh crore.
Shares of Bank of Baroda fell 2.88 per cent to close at Rs 106.40 on the NSE on Friday, February 4. Since the beginning of 2022, this stock has risen about 26.97. At the same time, over the past year, it has given its investors a return of about 31.44 percent.
