On a standalone basis, Bank of Baroda’s net profit rose 79.39% to Rs.2,168.13 crore on a 1.02% increase in total revenue to Rs.20,119.52 crore in the first quarter of FY23 from the first quarter of the year fiscal year 22.
PSU Bank’s pre-tax profit rose 78.18% to Rs.2,842.72 crore in the first quarter of FY23 from Rs.1,595.42 crore in the same period last year.
Net Interest Income (NII) increased by 12% to Rs.8,838 crore in the first quarter of FY23 versus Rs.7,892 crore in the first quarter of FY22. The global NIM increased to 3.02 from 3.04% as at 30 June 2021 % as of June 30, 2022.
The bank’s provisions and contingent liabilities fell by 57.9% to Rs 1,685 crore in the first quarter of FY23 compared to Rs 4,006 crore in the corresponding quarter last year.
In terms of asset quality, the bank’s gross non-performing assets (NPA) decreased to Rs 22 were reported and the gross NPA ratio improved to 6.26% in the first quarter of FY23 from 8.86% reported in Q1 FY22. The net NPA ratio improved to 1.58% in the first quarter of fiscal 23, compared to 3.03% in the first quarter of fiscal 22.
The Bank’s provision coverage ratio for the first quarter of FY23 was 89.38% including TWO and 75.94% excluding TWO.
The slippage ratio declined to 1.71% for Q1FY23 compared to 3% reported in Q1FY22. Borrowing costs for Q1FY23 were 0.75%.
During the quarter, domestic deposits increased 8.5% yoy to Rs 9,09,095 crore while domestic advances increased 15.7% to Rs 6,95,493 crore. Overall, domestic CASA increased 10.9% yoy and the domestic CASA ratio improved 97 basis points yoy to 44.18% in the first quarter of fiscal 23.
The bank’s organic personal loan portfolio grew 23.2%, led by growth in the personal loan portfolio up 147.1%, auto loan up 25.6%, education loan up 20.5% and home loan up 15.3% year over year. The agricultural credit portfolio rose 14.4% yoy to Rs. 1,10,854 crore, while the organic micro, small and medium-sized enterprises (MSMEs) rose 11.1% yoy to Rs. 96,954 crore in the first quarter of FY23 .
Cost of deposits reduced to 3.46% in Q1FY23 from 3.55% in Q1FY22.
The bank’s return on assets (RoA) improved to 0.68% in Q1 FY23 from 0.42% in Q1 FY22. Return on equity (RoE) increased by 500 basis points in Q1FY23 vs Q1FY22 year-on-year to 13.63%.
The bank’s CRAR improved from 15.40% in June 2021 to 15.46% in June 2022. Tier-I was 12.97% and Tier-II was 2.49% in June 2022.
Bank of Baroda is one of India’s largest banks with a strong domestic presence with 8,163 branches and 11,475 ATMs and cash recyclers supported by self-service channels. The bank has a significant international presence with a network of 94 foreign branches in 17 countries. As of June 30, 2022, the Government of India held 63.97% of the shares in the bank.
Bank of Baroda shares fell 0.81% to trade at Rs 116.25 on Friday 29 July 2022.
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(This story was not edited by Business Standard staff and is automatically generated from a syndicated feed.)