Bank of Baroda posted a 24.39% increase in standalone net profit to Rs 2,088 crore in Q2 FY22 from Rs 1,679 crore posted in Q2 FY21.
The bank's total income declined 2.2% to Rs 20,270.74 crore in Q2 FY22 over Q2 FY21.
The bank's profit before tax grew by 14% year-on-year to Rs 2,915.97 crore in Q2 FY22 from Rs 2,550 crore posted in Q2 FY21. The operating profit before provisions and tax, excluding treasury income increased by 5.75% year-on-year to Rs 5,669.56 crore in Q2 FY22 as compared to Rs 5,361 crore posted in the same quarter last year.
Net interest income (NII), the difference between interest earned and interest expenses, rose by 2.1% year-on-year to Rs 7,566 crore in Q2 FY22 from Rs 7,410 crore registered in Q2 FY21. The bank's domestic net interest margin stood at 2.9% at the end of September 2021 as compared to 2.88% in September 2020.
The bank's non interest income surged nearly 23% to Rs 3,579 crore in Q2 FY22 from Rs 2,910 crore posted in Q2 FY21.
Provisions (excluding provision for tax) reduced by 2% year-on-year to Rs 2,754 crore in Q2 FY22 from Rs 2,811 crore posted in Q2 FY21. Provision coverage ratio was 83.42% as of 30 September 2021. The capital adequacy ratio of the bank improved to 15.55% in September 2021 from 13.26% in September 2020.
On the asset quality front, the gross NPA of the Bank reduced to Rs 59,504 crore in Q2 FY22 from the level of Rs 65,698 crore posted in Q2FY21. Subsequently the Gross NPA Ratio improved to 8.11% in Q2 FY22 from 9.14% in Q2 FY21. The net NPA ratio of the bank stood at 2.83% in Q2 FY22 as compared with 2.51% in Q2 FY21.
Domestic CASA deposits rose by 13.01% year on year to Rs 3,75,766 crore as of 30 September 2021 while domestic gross advances grew by 2.99% year on year to Rs 6,23,368 crore on 30 September 2021.
Cost of Deposits reduced to 3.52% as of September 2021 as against 3.99% in September 2020. Yield on Advances stood at 6.55% in September 2021 as compared with 7.08% in September 2020 .
Bank of Baroda is an Indian state-owned banking and financial services company headquartered in Vadodara in Gujarat, India. As of 30 September 2021, the Government held 63.97% in the bank.
Shares of Bank of Baroda were down 4.61% at Rs 101.45 on BSE.
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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)
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