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Bank of Baroda Q3: Net profit doubles to Rs 2,197 cr,

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Bank of Baroda (BoB) reported a 107 per cent year-on-year (YoY) rise its net profit for the October-December quarter at Rs 2,197 crore. On a quarter-on-quarter (QoQ) basis, profit rose 5.2 per cent from Rs 2,088 crore in the preceding September quarter.

The bank's net interest income (NII) rose 14.4 per cent YoY and 13 per cent QoQ to Rs 8,552 crore. Global net interest margin (NIM) expanded to 3.13 per cent as compared with 2.77 per cent a year ago and 2.85 per cent in the preceding quarter.

Domestic deposits grew 5 per cent YoY and 1.4 per cent QoQ to Rs 8.76 lakh crore, while domestic current account and saving account (CASA) deposits rose 12.9 per cent YoY and 3.3 per cent QoQ to Rs 3.88 lakh crore.

Gross domestic advances rose 3.4 per cent YoY and 5 per cent QoQ to Rs 6.54 lakh crore. 

On a consolidated basis, the bank's net profit rose 106 per cent YoY and 13.7 per cent QoQ to Rs 2,464 crore.

Shares of BoB ended 2.74 per cent lower at Rs 106.60 on the BSE  .

In terms of asset quality, gross non-performing assets (NPAs) stood at 7.25 per cent at the end of the December quarter as against 8.48 per cent a year ago and 8.11 per cent in the preceding September quarter. Net NPAs were at 2.25 per cent as compared with 2.39 per cent in the December quarter last year and 2.83 per cent in September 2021 quarter.


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