Bank of Baroda, a public sector lender, recorded a staggering 79.3 percent year-over-year increase in net profit at Rs 2,168 crore for the quarter ended June 30. The bank on Saturday in a regulatory filing said that its Net Interest Income (NII) increased by 12 percent to Rs 8,838 crore in Q1 FY23.
In the June quarter of FY23, Bank of Baroda's fee-based income increased by 15.6 percent year over year to Rs 1,277 crore compared to the Rs 1,105 crore in Q1 FY22. Operating income for the current quarter is Rs 10,020 crore, which is 6.8 percent less than the same quarter a year ago when it was Rs 10,755 crore.
For the period under review, Bank of Baroda posted an operational profit of Rs 4,528 crore, a 19.2 percent decrease from Rs 5,601 crore during the same quarter last year.
In comparison to the same quarter last year, the cost of deposits decreased from 3.55 percent to 3.46 percent for the April to June period.
According to Bank of Baroda's exchange statement on Saturday, core operational profit (excluding treasury gains/losses and interest on IT refund) increased by 11 percent YoY to Rs 5,301 crore in the quarter under review.
Gross non-performing assets (GNPA) decreased this quarter, falling to 6.26 percent from 8.86 percent in Q1FY22. The Gross NPA decreased to Rs 52,591 crore from a level of Rs 66,671 crore in Q1 FY22.
When compared to Q1FY22, the Net Non-Performing Assets (NNPA) reduced from 3.03 percent to 1.58 percent in Q1FY23. Its credit cost for the quarter under review stood at 0.75 percent, it said.
Global deposits for Bank of Baroda increased by 10.9 percent year over year to Rs 10,32,714 crore from Rs 9,31,317 in Q1 FY22. Domestic deposits, on the other hand, climbed by 8.5 percent to Rs 9,09,095 crore in the quarter that ended June 30, 2022 from Rs 8,37,803 crore in the quarter that ended June 30, 2021.
On a YoY basis, the bank's organic retail loan portfolio increased by 23.2 percent, with personal loans accounting for the majority of that growth at 147.1 percent, followed by vehicle loans at 25.6 percent, education loans at 20.5 percent, and home loans at 15.3 percent.
Domestic current account deposits for Bank of Baroda were reported at Rs 63,440 crore, an increase of 10 percent from the previous year. Domestic savings bank deposits increased by 11.1 percent to Rs 3,38,182 crore in the meantime. The lender reported that domestic CASA as a whole saw a rise of 10.9 percent YoY.
Bank of Baroda boasted 8,163 branches as of June 30 this year, along with 11,475 ATMs and cash recyclers supported by self-service channels.
