The state-run bank posted a standalone net profit of Rs 1,208 crore in Q1 FY22 compared with net loss of Rs 864.26 crore in Q1 FY21.
Total income fell 1.4% to Rs 20,022 crore in Q1 FY22 as compared to Rs 20,312 crore in Q1 FY21. The bank reported a profit before tax of Rs 1,595 crore in Q1 FY22 as against a pre tax loss of Rs 1,307 crore in Q1 FY21.The PSU bank's operating profit before provisions and contingencies rose 41.2% to Rs 5707.41 crore in Q1 FY22 from Rs 4041.67 crore in Q1 FY21. The bank's net interest income grew 15.8% year on year to Rs 7,892 crore in Q1 FY22. Global Net interest margin (NIM) stood at 3.04% while domestic NIM came at 3.12% in Q1 FY22.
The PSU bank's provisions and contingencies declined 23.14% to Rs 4,112 crore in Q1 FY22 from Rs 5,350 posted in Q1 FY21. Capital Adequacy Ratio stood at 15.40% as of 30 June 2021 compared with 12.84% in 30 June 2020.
On the asset quality front, gross NPA ratio declined to 8.86% as on 30 June 2021 against 9.39% as on 30 June 2020. Recovery and upgrades increased to Rs 4,435 crore in Q1FY22 as against Rs 818 crore in Q1FY22. Bank's net NPA ratio increased to 3.03% as on 30 June 2021 as against 2.83% as on 30 June 2020.
Domestic deposits increased by 3% year on year to Rs 8,37,803 crore led by 12.7% year on year increase in domestic CASA deposits. Domestic advances fell by 2.3% year on year to Rs 6,00,971 crore due to run-off of low yielding corporate loans.
Bank of Baroda is an Indian state-owned banking and financial services company headquartered in Vadodara in Gujarat, India. As of 30 June 2021, the Government held 63.97% in the bank.
Shares of Bank of Baroda were down 0.12% at Rs 83.25 on BSE.
Powered by Capital Market - Live News
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
Dear Reader,
Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.
As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.
Support quality journalism and subscribe to Business Standard.
Digital Editor
RECOMMENDED FOR YOU