Bank of Baroda reports turnaround Q1 numbers

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.

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