Bank of Baroda's Q2 net jumps 58.7% aided by rise in NII, dip in provisions

Provisions of the lender declined 41 per cent YoY to Rs 1,628 crore in Q2FY23.

Public sector lender Bank of Baroda reported a 58.7 per cent year-on-year (YoY) jump in net profit in July – September (Q2FY23) quarter, aided by robust rise in Net Interest Income (NII) and dip in provisions burden. Its net profit totaled to Rs 3,313 crore in Q2, a record high for the bank, compared to Rs 2,088 crore in the year-ago period.

NII of the lender was up 34.5 per cent YoY to Rs 10,714 crore, on the back of healthy growth in advances. In the year-ago period, its NII was to the tune of Rs 7,566 crore. Its domestic