‘BoB Q3 net profit rises 75% to `4,306 crore’

Mumbai: State-owned Bank of Baroda on Friday reported a 74.76 per cent jump in its consolidated net profit at Rs 4,305.66 crore during the quarter ended December 2022, helped by improving asset quality and higher core income.

On a standalone basis, the lender’s net profit jumped 75.4 per cent to Rs 3,853 crore.

For the reporting quarter, the lender registered a 26.5 per cent rise in the core net interest income at Rs 10,818 crore, helped by a nearly 20 per cent growth in advances and a 0.24 per cent widening of net interest margin to 3.37 per cent.

On the loan growth side, he said, the bank was able to notch up a higher number courtesy its focus on the “challenging” mortgage segment within retail, which grew 29.4 per cent, and also overcoming the tepid growth in corporate side by growing the book by over 13 per cent.

There was also a huge 150 per cent growth in the so far untapped unsecured loans like personal loans courtesy the deployment of digital alternatives.

The gross non-performing assets ratio declined to 4.53 per cent from 7.25 per cent in the year-ago period, on the back of a Rs 2,830 crore in fresh slippages. The cash recovery and upgrades at Rs 3,304 crore as against Rs 2,635 crore in the year-ago period helped trim the ratio. The bank’s overall capital adequacy ratio stood at 15.44 per cent with the core tier-1 at 11.45 per cent.