Bank of Baroda Q1 FY23 Results: Public sector lender Bank of Baroda reported a whooping 79.3 per cent year-on-year jump in net profit to Rs 2,168 crore for the quarter ended June 30. Net Interest Income (NII) grew by 12 per cent to Rs 8,838 crore in Q1 FY23, the bank said in a regulatory filing on Saturday, July 30.
Bank of Baroda’s fee based income grew by 15.6 per cent year-on-year to Rs 1,277 crore in June quarter FY23, compared to the Rs 1,105 crore in June quarter FY22. The operating income stands at Rs 10,020 crore for the quarter under review, down by 6.8 per cent from Rs 10,755 crore during the year-ago quarter. Bank of Baroda reported an operating profit of Rs 4,528 crore for the quarter under review, down by 19.2 per cent from Rs 5,601 crore during the same quarter last year.
The cost of deposits for the April-to-June quarter reduced to 3.46 per cent year-on-year as against 3.55 per cent during the same quarter last year. Core operating profit (ex-Treasury gains/ losses and Interest on IT refund) grew by 11 per cent YoY to Rs 5,301 crore in the quarter under review, Bank of Baroda said in the exchange filing on Saturday.
On the other hand, Return on Assets (RoA) improved to 0.68 per cent in the quarter ended June 30, 2022, as against 0.42 per cent in the quarter ended June 30 last year. Meanwhile, Bank of Baroda’s Return on Equity (RoE) increased by 500 bps YoY to 13.63 per cent.
Gross non performing assets (GNPA) of the Bank of Baroda came down in this quarter at 6.26 per cent as compared with 8.86 per cent in Q1FY22. The Gross NPA of the lender reduced to Rs 52,591 crore in the April to June quarter this year from the level of Rs 66,671 crore in Q1 FY22 Meanwhile, the Net non performing assets (NNPA) improved to 1.58 per cent in Q1FY23 when compared to 3.03 per cent in Q1FY22. Bank of Baroda’s credit cost for the quarter under review stood at 0.75 per cent, it said.
Bank of Baroda’s global deposits grew by 10.9 per cent on a year-on-year to Rs 10,32,714 crore as compared to Rs 9,31,317 in Q1 FY22. On the other hand,omestic deposits increased by 8.5 per cent to Rs 9,09,095 crore in the quarter ended June 30, 2022 from Rs 8,37,803 during the quarter ended June 30, 2021.
Organic retail loan portfolio of the bank grew by 23.2 per cent led by growth in personal loan portfolio by 147.1 per cent, auto loan by 25.6 per cent, education loan by 20.5 per cent, home loan by 15.3 per cent on a YoY basis.
Bank of Baroda’s domestic current account deposits were posted at Rs 63,440 crore, which is a jump of 10 per cent on a year-on-year basis. Meanwhile, domestic savings bank deposits of Bank of Baroda grew by 11.1 per cent to Rs 3,38,182 crore. Overall domestic CASA posted a growth of 10.9 per cent on a YoY basis, the lender said in its report.
As of June 30 this year, Bank of Baroda has 8,163 branches and 11,475 ATMs and cash recyclers supported by self-service channels.