Bank of Baroda's net interest income or the difference between interest earned and interest expended rose 14% to Rs 8,552 crore versus Rs 7,477 crore in the year ago period
Shares of Bank of Baroda jumped as much as 10 per cent, in an otherwise weak market, to hit an intraday high of Rs 117 on the BSE after its profit more than doubled to Rs 2,197 crore in December quarter from Rs 1,061 crore in the same period last financial year. Its net interest income or the difference between interest earned and interest expended rose 14 per cent to Rs 8,552 crore versus Rs 7,477 crore in the year ago period.
Its asset quality improved massively in December quarter as its gross non-performing assets (NPAs), as a percentage of total advances, came in at 7.25 per cent versus 8.11 per cent in the previous quarter. In absolute terms, gross NPAs came in at Rs 55,996.77 crore.
Net NPAs also saw an improvement as it came in at 2.25 per cent versus 2.83 per cent in September quarter.
The Gujarat-based lender's provisions reduced sharply to Rs 2,507 crore from Rs 3,449 crore in the same period last year.
Global deposits increased by 2.46 per cent to Rs 9,78,034 crore on a Y-o-Y basis. Domestic deposits increased by 5 per cent to Rs 8,76,555 crore in December 2021.
Organic Retail loan portfolio of the bank grew by 11.13 per cent led by growth in personal loan portfolio by 46.39 per cent, Auto loan by 20.54 per cent and Education loan by 13.86 per cent on an annual basis, Bank of Baroda said in an exchange filing.
Bank of Baroda is one of India’s largest banks with a strong domestic presence spanning 8,185 branches and 11,535 ATMs and Cash Recyclers supported by self-service channels. The bank has a significant international presence with a network of 96 overseas offices spanning 18 countries.
As of 12:05 pm, Bank of Baroda shares traded 7 per cent higher at Rs 114, outperforming the Sensex which was down 1.3 per cent.