Bank of Baroda Q1 PAT climbs 79% YoY to Rs 2,168 cr

On standalone basis, Bank of Baroda's net profit surged 79.39% to Rs 2,168.13 crore on 1.02% rise in total income to Rs 20,119.52 crore in Q1 FY23 over Q1 FY22.

The PSU bank's profit before tax soared 78.18% to Rs 2,842.72 crore in Q1 FY23 from Rs 1,595.42 crore recorded in same period last year.

Net Interest Income (NII) jumped 12% to Rs 8,838 crore in Q1 FY23 as against Rs 7,892 crore posted in Q1 FY22. Global NIM increased to 3.02% as on 30 June 2022 from 3.04% as of 30 June 2021.

The bank's provisions and contingencies dropped 57.9% to Rs 1,685 crore in Q1 FY23 as compared to Rs 4,006 crore recorded in the corresponding quarter previous year.

On asset quality front, the gross non-performing assets (NPA) of the bank reduced to Rs 52,590.83 crore in Q1 FY23 from Rs 63,028.78 crore reported in Q1 FY22 and gross NPA ratio improved to 6.26% in Q1 FY23 as against 8.86% posted in Q1 FY22. The net NPA ratio improved to 1.58% in Q1 FY23 as compared with 3.03% recorded in Q1 FY22.

The Provision Coverage Ratio of the bank stood at 89.38% including TWO and 75.94% excluding TWO in Q1 FY23.

Slippage ratio decreased to 1.71% for Q1 FY23 as compared with 3% reported in Q1 FY22. Credit cost stoood at 0.75% for Q1 FY23.

During the quarter, domestic deposits increased by 8.5% YoY to Rs 9,09,095 crore while domestic advances jumped 15.7% to Rs 6,95,493 crore. Overall domestic CASA up by 10.9% YoY and domestic CASA ratio improved by 97 bps YoY to 44.18% in Q1 FY23.

Organic Retail loan portfolio of the bank grew by 23.2% led by growth in Personal loan portfolio by 147.1%, Auto loan by 25.6%, Education loan by 20.5% and Home loan by 15.3% on a YoY basis. Agriculture loan portfolio increased by 14.4% YoY to Rs 1,10,854 crore while Organic micro, small, and medium enterprises (MSME) portfolio rose 11.1 % YoY to Rs 96,954 crore in Q1 FY23.

Cost of Deposits reduced to 3.46% in Q1 FY23 as against 3.55% recorded in Q1 FY22.

The bank's Return on Assets (RoA) improved to 0.68% in Q1 FY23 from 0.42% reported in Q1 FY22. Return on Equity (RoE) increased by 500 bps YoY to 13.63% in Q1 FY23 over Q1 FY22.

CRAR of the bank improved to 15.46% in June 2022 from 15.40% in June 2021. tier-I stood at 12.97% and tier-II stood at 2.49% as of June 2022.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8, 163 branches and 11,475 ATMs and Cash Recyclers supported by self-service channels. The bank has a significant international presence with a network of 94 overseas offices spanning 17 countries. As of 30 June 2022, Government of India held 63.97% stake in the bank.

Shares of Bank of Baroda were down 0.81% to settle at Rs 116.25 on Friday, 29 July 2022.

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