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Bank of Baroda Q1 Result: Profit jumps 79% to Rs 2,168 crore; other income, and operational Profit fall

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Bank of Baroda had an 18% rise in lending and a 10.9% increase in global deposits year-over-year.

Despite a decline in other revenue and pre-provision operating profit, Bank of Baroda recorded a tremendous 79.4% increase in standalone profit to Rs 2,168 crore for the quarter ended June 2022 on July 30. The substantial drop in provisions for problematic loans benefited the bottom line.

The June quarter saw a 12% increase in net interest income to Rs 8,838.4 crore compared to the same period last year, with loan growth at 18% and global deposits increasing by 10.9%.

Bank of Baroda Q1 Result.
Bank of Baroda Q1 Result.

“Global advances climbed by 18% YoY to Rs 8.39 trillion, while local advances grew by 15.7% YoY to Rs 6.95 trillion,” Bank of Baroda stated in its BSE filing. “Global deposits expanded by 10.9% YoY to Rs 10.32 trillion, while domestic deposits grew by 8.5% to Rs 9.09 trillion.”

The bank also reported that the net interest margin for the June quarter decreased 6 basis points quarter-over-quarter and 2 basis points year-over-year to 3.02%.

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The bank also reported that the net interest margin for the June quarter decreased 6 basis points quarter-over-quarter and 2 basis points year-over-year to 3.02%.

Total provisions and contingencies decreased by 58% year-over-year and 55% sequentially to Rs 1,684.80 crore for the quarter ending June 2022, while provisions for bad loans decreased by 39% year-over-year to Rs 1,550 crore.

Gross nonperforming assets as a proportion of gross advances improved by 35 basis points sequentially to 6.26% in Q1FY23, while net nonperforming assets fell by 14 basis points sequentially to 1.58%.

Bank of Baroda’s Q1FY23 non-interest income (other revenue) decreased 59% year-over-year to Rs 1,182 crore, while pre-provision operating profit decreased 19.2% year-over-year to Rs 4,527.52 crore.

The core operating profit (excluding treasury gains or losses and interest on IT refund) climbed by 11% year-over-year to Rs 5,301 crore in the first quarter of fiscal year 23.

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