BackBank of Baroda appoints Ian De Souza as new chief financial officer
Ian De Souza will replace Subrat KumarDe Souza has 23 years of experience in the banking and financial services domain
PremiumBank of Baroda has appointed Ian De Souza as new chief financial officer, the public sector lender on Thursday said in the regulatory findings. He will replace Subrat Kumar. Kumar joined the bank as CFO in July this year.
A Chartered Accountant, De Souza has 23 years of experience in the banking and financial services domain with experience in strategy, cost optimization, profitability or productivity enhancement, financial controllership and implementation of internal control frameworks. He has also spearheaded the finance functions of various banks and financial institutions, including as CFO, during last seven years.
Bank of Baroda posted a net profit of ₹1,679 crore for the quarter ended on 30 September due to lower provision. Net interest income (NII) during the quarter grew by 6.8% to ₹7,508 crore. The consolidated net profit stood at ₹1,771 crore in the September quarter. The bank posted a operating profit of 5,552 crore, an increase of 4% year-on-year, for the quarter under review.
Provisions in the September quarter declined sharply to ₹3,001.59 crore on a quarter-on-quarter basis. Of these, provisions for NPA stood at ₹2,277.25 crore.
Asset quality has been improved with gross non-performing assets as a provision of gross advances falling to 9.14% in Q1FY21 against 9.39% in the June quarter. Net NPA fell to 2.51% from 2.83% quarter-on-quarter.
Domestic CASA ratio increased to 39.78%, up by 190 bps year-on-year. Domestic cost of deposits in Q2FY’21 is lower at 4.42%, a decline of 53bps quarter-on-quarter, the bank mentioned. Capital adequacy (CRAR) stood at 13.26% with CET-1 at 9.21% on a standalone basis.
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