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Bank of Baroda Q2 results: Profit up 24% on healthy non-interest income growth – Mint

Bank 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 over 2% in noon deals at 103.45 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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