Bank of Baroda Q3 net profit rises 75% to ₹3,853 crore, shares surge
1 min read . Updated: 03 Feb 2023, 01:55 PM IST
Premium- Bank of Baroda shares were trading more than 3% higher in Friday's afternoon deals on the BSE
Bank of Baroda (BOB) on Friday said it has declared highest ever quarterly standalone net profit of ₹3,853 crore for the third quarter ended December 2022 (Q3 FY23), which is up by over 75% from the year ago quarter of ₹2,197 crore. Shares of Bank of Baroda were trading more than 3% higher in Friday's afternoon deals on the BSE at ₹159 apiece.
Its net interest income (NII) grew over 26% to ₹10,818 crore as compared to ₹8,552 crore year-on-year (YoY). Net Interest Margin (NIM) stands at 3.37% in the October-December period, increase of 24 basis points (bps) YoY for the quarter.
The lender said it achieved a total business of ₹20,73,385 crore as of December 2022, registering a growth of 18.5% YoY. Its operating profit grew by 50% in Q3 to ₹8,232 crore.
The bank's asset quality improved as gross non performing assets (NPA) came at 4.53% versus 5.31% from the previous quarter of September 2022 whereas net NPA stood at 0.99% as againts 1.16% quarter-on-quarter (QoQ).
Provisions rose to ₹2,404 crore from ₹1,627.5 crore QoQ and from ₹2,507 crore YoY. Provision coverage ratio (PCR) at a high of 92.34% with TWO & at 78.85% without TWO. The bank further said that its slippage ratio declined to 1.05% for Q3FY23 as against 1.68% in Q3FY22.
Bank of Baroda established on July 20, 1908 is an Indian state-owned banking and financial services organization, headquartered in Vadodara (earlier known as Baroda), in Gujarat, India. Under the 'Alternative Mechanism' scheme, the Government announced the amalgamation of Vijaya Bank and Dena Bank with Bank of Baroda which came into effect on April 1, 2019.
