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Bank of Baroda Q2 net profit up 24% at Rs 2,088 cr, asset quality improves

Net interest income rises 2% to Rs 7,566 cr

Bank of Baroda

Public sector lender Bank of Baroda on Wednesday reported 24% rise in standalone net profit at Rs 2,088 crore in the September quarter as against Rs 1,679 crore in year-ago period. 

Net interest income rose 2% to Rs 7,566 crore as compared to Rs 7,508 crore in Q2FY21. Net Interest Margin (NIM) increased to 2.85% in Q2FY22 from 2.78% in Q2FY21. The Provision Coverage Ratio of the bank stood at 83.42%.

The lender's asset quality improved on a sequential basis. Gross non-performing assets (NPAs) as percentage of gross advances fell to 8.1% from 8.86% in June quarter. The Gross NPA of the bank reduced to Rs 59,504 crore in Q2FY22 from Rs 65,698 crore in Q2FY21. Net NPAs as percentage of gross advances fell to 2.8% from 3.03% in June quarter.

At 1445 hours on Wednesday, the lender's scrip on NSE was trading over 4% lower at Rs 101.95.

The bank's total income during the July-September quarter of 2021-22, fell to Rs 20,270.74 crore, as against Rs 20,729.31 in the same period of 2020-21, Bank of Baroda said in a regulatory filing.

The total interest income was also down by 6.33 per cent to Rs 16,692 crore, as against Rs 17,820 crore in the year-ago quarter.

The provisioning for bad loans and contingencies for the quarter fell to Rs 2,753.59 crore, as against Rs 2,811.05 crore.