Bank of Baroda Q2 profit rises 59 pc to ₹3,313 cr
The Hindu
On a consolidated basis, Bank of Baroda group's net profit increased to ₹3,400 crore as against ₹2,168 crore in the same period a year ago
State-owned Bank of Baroda on Saturday reported a jump of 59 per cent in its net profit to ₹3,313 crore for the second quarter ended September on the back of a decline in bad loans and rise in interest income.
The lender had posted a net profit of ₹2,088 crore in the corresponding quarter of the previous fiscal.
Its total income rose to ₹23,080.03 crore for the second quarter of 2022-23, compared to ₹20,270.74 crore a year ago, it said in a regulatory filing.
Net interest income (NII) grew by 34.5 per cent to ₹10,714 crore.
The lender improved its asset quality, with the gross non-performing assets (NPAs) coming down to 5.31 per cent of the gross advances by the end of September 2022, from 8.11 per cent in the year-ago period.
Net NPAs fell to 1.16 per cent from 2.83 per cent.
As a result, provisions for bad loans and contingencies declined to ₹1,627.46 crore for the quarter from ₹2,753.59 crore a year ago.
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