Bank of Baroda Q3 net profit doubles to Rs 2,197 cr on lower provisions

Asset quality of the bank improved both sequentially and on a YoY basis; provisions of the lender fell over 27% to Rs 2,506 cr

Public sector lender Bank of Baroda's net profit doubled to Rs 2,197 crore in the October - December quarter (Q3FY22), aided by higher net interest income and lower provisions. The lender had posted a net profit of Rs 1,061 crore in the same quarter a year ago.

Net interest income, the difference between interest earned and interest expended, of the lender jumped 14.38 per cent to Rs 8,552 crore in the reporting quarter, aided by margins. Net interest margin, a measure of profitability, of the bank stood at 3.13 per cent, up 36 basis points from the year-ago period. 

The fee income