Bank of Baroda Q3 Results: Lender posts highest-ever quarterly profit of Rs 3,853 crore, up 75% YoY

Bank of Baroda (BoB) on Friday reported a 75.4% year-on-year (YoY) jump in its quarterly net profit to Rs 3,853 crore, its highest-ever, as compared to Rs 2,197 crore in the same quarter last year.

Net Interest Income (NII) of the lender grew by 26.5% YoY to Rs 10,818 crore for the December quarter while Net Interest Margins (NIM) stood at 3.37%, recording a growth of 24 bps YoY.

The total provisions and contingencies of the lender rose 48% quarter-on-quarter (QoQ) to Rs 2,404 crore as compared to Rs 1,628 crore in the September quarter. The same declined by 4.1% YoY.

BoB achieved a total business of Rs 20,73,385 crore as of December 30, 2022, it said, up 18.5% YoY. Its operating profit, meanwhile, grew by 50.1% YoY in Q3 to Rs 8,232 crore.

Global deposits increased by 17.5% YoY to Rs 11,49,507 crore while domestic deposits increased by 14.5% YoY to Rs 10,03,737 crore in the quarter ended December 2022.

Its global and domestic advances grew 19.7% YoY and 16.2% YoY, respectively in Q3, making the bank second-largest as per its total business.

The lender also reported a 29.4% growth in organic retail advances, led by growth in high-focus areas such as auto loan (27.5%), home loan (19.6%), personal loan (169.6%), mortgage loan (20.5%), education loan (24.1 %) on a YoY basis.

The Gross NPA of the public sector lender reduced by 25.3% YoY to Rs 41,858 crore in Q3 and Gross NPA Ratio improved to 4.53% in Q3FY23 from 7.25% in Q3FY22. CRAR of the bank stood at 14.93% in December 2022.

Post earnings announcement, the shares of BoB jumped 6% to Rs 163 in Friday’s intraday trade on BSE. The scrip closed at Rs 154 on Thursday.

Bank of Baroda established in 1908 is an Indian state-owned banking and financial services organization, headquartered in Vadodara.