BackBank of Baroda Q2 results: Profit up 24% on healthy non-interest income growth
Bank of Baroda Q2 results: Net Interest Income (NII) of the bank increased to ₹7,566 crore during the quarter as against ₹7,410 crore in last year period, registering a growth 2.11%.
PremiumBank of Baroda (BoB) on Wednesday reported a standalone net profit of ₹2,087.85 crore, up 24%, for the quarter ended 30 September 2021.
The higher bottom line was mainly due to health growth in non interest income.
The lender had posted a net profit of ₹1678.6 crore in the year-ago period.
Net Interest Income (NII) of the bank increased to ₹7,566 crore during the quarter as against ₹7,410 crore in last year period, registering a growth 2.11%.
Following the announcement of results, Bank of Baroda shares were down nearly 5% in noon deals at ₹101.15 on NSE.
Bank of Baroda, during the quarter, clocked an operating profit of ₹5,670 crore as against ₹5,361 crore in the corresponding quarter of last year, up 5%.
Meanwhile, non-interest income during the reporting period rose by 23% year-on-year to ₹3,579 crore.
On the asset quality front, the Gross non performing assets (NPA) of the Bank reduced to ₹59,504 crore in Q2FY22 from the level of ₹65,698 crore in the same period last year.
Subsequently the Gross NPA Ratio improved to 8.11 % in the reporting quarter from 9.14% in year-ago period.
The Bank's total provisions during the quarter, other than tax, came in at ₹2,754 crore, down over 2% when compared with last year.
The Net NPA Ratio of the Bank stood at 2.83% in Q2FY22, higher than 2.51 % in Q2FY21, while the Provision Coverage Ratio (PCR) of the Bank came in at 83.42%.
When it comes to business performance, global deposits during the quarter have risen marginally by 0.54% to ₹9.59 lakh crore on a year-on-year basis.
Meanwhile, domestic deposits clocked a growth of 3.43% to ₹8.64 lakh crore at the end of September quarter.
Domestic current account deposits stood at ₹60,098 crore, registering a year-on-year growth of 15% and domestic savings bank deposits grew by 12% to ₹3.15 lakh crore.
Overall Domestic CASA registered a growth of 13.01% on a YoY basis.
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