Bank Of Baroda Reports Net Profit Of Rs 1,209 Crore In June Quarter

Bank of Baroda's net interest income (NII) - the difference between interest earned and interest expended -increased 15.7 per cent to Rs 7,892 crore in the first quarter of the current fiscal, compared to Rs 6,816 crore in the year-ago period.

Bank of Baroda announced its April-June quarter results for the financial year 2021-22, reporting a net profit of Rs 1,209 crore on a standalone basis, compared to a net loss of Rs 864 crore in the corresponding quarter last year. The state-owned lender's net interest income (NII) - the difference between interest earned and interest expended - increased 15.7 per cent to Rs 7,892 crore in the first quarter of the current fiscal, compared to Rs 6,816 crore in the year-ago period. The bank's operating profit in the June quarter grew 41.2 per cent year-on-year to Rs 5,707 crore. Its cost to income ratio fell by 574 bps year-on-year to 47.45 per cent in the Juen quarter, according to a regulatory filing by the bank to the stock exchanges. The bank's domestic net interest margin stood at 3.12 per cent. The gross non-performing assets (NPAs) stayed flat at 8.86 per cent in the Juen quarter on a sequential basis. In the preceding January-March quarter, the bank's gross NPAs were at 8.87 per cent. The net NPAs or bad loans stood at 3.03 per cent in the April-June quarter. Bank of Baroda brought down its cost of deposits by 103 basis points to 3.92 per cent. According to its statement, the bank reoriented its loan book to high yield segments. Its organic retail loans increased by 11.8 per cent year-on-year.