Bank of Baroda Q3 net profit doubles to Rs 2,197 crore; interest income surges 14%

Bank of Baroda's standalone profit after tax doubled to Rs 2,197 crore.

New Delhi: State-run Bank of Baroda's (BoB) standalone profit after tax (PAT) doubled to Rs 2,197 crore in the quarter ended in December aided by healthy growth in net interest income (NII) and on lower provisions.

This compares with a standalone PAT of Rs 1,061 crore in the same quarter of the previous fiscal.

“Profit has been driven by NII, which is up double-digit. NII was up despite the fact that we had a challenging environment in terms of growth. Most of the contribution to the high NII has come from the improvement in margins. Along with NII, fee income has also grown,? the bank's Managing Director and CEO Sanjiv Chadha told reporters.