Bank Of Baroda Earned Rs 84 Crore/Day In Last 90 Days; Profits Up By 24%

 Bank Of Baroda Earned Rs 84 Crore/Day In Last 90 Days; Profits Up By 24%
Bank Of Baroda Earned Rs 84 Crore/Day In Last 90 Days; Profits Up By 24%

On Wednesday, Bank of Baroda (BoB) booked a standalone net profit of Rs 2,087.85 crore for the September ending quarter this year.

 It is said to be  24% up from the earlier. 

Bank Of Baroda Q2 Results 

Reportedly, the higher bottom line was caused by the health growth in non-interest income.

  Coming to Net Interest Income (NII) of the bank, it has increased to Rs 7,566 crore during the quarter compared to Rs 7,410 crore in last year.

This way, registering a growth of 2.11%.

Impact On Shares

Following the announcement of results, Bank of Baroda shares were down nearly 5% in noon deals at ?101.15 on NSE.

During the same quarter, Bank of Baroda clocked an operating profit of  Rs 5,670 crore as against Rs 5,361 crore in the corresponding quarter of last year, that is up 5%.

At the same time, the non-interest income during the reporting period rose by 23% year-on-year to Rs 3,579 crore.

Reduction In NPA

When it comes to the asset quality front, the Gross non performing assets (NPA) of the Bank reduced to Rs 59,504 crore in Q2FY22. 

Which was at the level of Rs 65,698 crore in the same period last year.

Prior to this, Bob had posted a net profit of Rs 1678.6 crore in the year-ago period. 

The Gross NPA Ratio improved to 8.11 % in the reporting quarter from 9.14% in year-ago period subsequently.

Compared with last year, the Bank’s total provisions during the quarter, other than tax, came in at Rs 2,754 crore, which is down over 2%.

For the september quater, the Net NPA Ratio of the Bank stood at 2.83%.

Which is higher than 2.51 % in Q2FY21.

At the same time, the Provision Coverage Ratio (PCR) of the Bank came in at 83.42%.

Business Performance

Coming to business performance, global deposits have risen marginally by 0.54% to ?9.59 lakh crore on a year-on-year basis for the second quarter.

Similarly, the domestic deposits clocked a growth of 3.43% to Rs 8.64 lakh crore at the end of September quarter.

While, the domestic current account deposits stood at Rs 60,098 crore.

Hence, registering a year-on-year growth of 15%.

At the same time, domestic savings bank deposits grew by 12% to Rs 3.15 lakh crore.

YoY basis, overall Domestic CASA registered a growth of 13.01%.

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