BoB Q1 results: Lender records 79% increase in Q1 profit to Rs 2,168 cr

New Delhi: Saturday reported a 79.3% rise in net profit to Rs 2,168.13 crore in the June quarter of 2022.

The lender had reported a net profit of Rs 1,208.63 crore in the same quarter of the previous year.

On a sequential basis, net income recorded an increase of 22% from Rs 1778.77 crore in the quarter ended March 31, 2022.

However, its total income remained nearly flat, with marginal gains, at Rs 20,119.52 crore in Q1FY23 from Rs 19,915.83 crore in Q1FY22. Its total revenue stood at Rs 20,695.90 crore in the previous quarter.

The sharp drop in provisions supported the lender’s net profit. Provisions for the quarter fell 58% YoY and 55% on QoQ to Rs 1684.80.

However, Bank of Baroda reported a 19.2% drop in operating profit to Rs 4,527.52 crore from 5,600.82 crore during the reporting period.

The PSU lender’s net interest income soared 12% to Rs 8,838 crore last quarter from Rs 7,892 crore a year ago. Fee-based operating profit jumped 15.6% to Rs 1,277 crore from Rs 1,105 crore.

Its CASA deposits increased by 10.9% on an annual basis (YoY) to Rs 4,01,622 crore from Rs 3,62,044 crore. Its domestic gross advances, agricultural advances, MSME advances and retail advances recorded double-digit gains.

However, gross non-performing assets (NPA) declined to 6.26% in Q1FY23 from 6.61% in Q4FY22 and 8.86% in Q1FY22.

BoB reported net NPAs at 1.58% in the June quarter of 2022, compared to 3.03% in the same quarter a year earlier. The net NPAs of the previous quarter amounted to 1.72%.

Comments are closed.