Bank Of Baroda Q3 Result: Net Profit Jumps 75% To Rs 3,853 Crore

Profit due a robust net interest income on the back of a healthy 19.7 percent loan growth

Bank of Baroda announces Financial Results for the Quarter ended 31st December 2022.

Key Highlights

• Bank of Baroda (BOB) achieved a total business of INR 20,73,385 crore as of 31st December 2022, registering a growth of 18.5% YoY

• Bank of Baroda (BOB) declares highest ever quarterly Net profit of INR 3,853 crore for Q3FY23 up by 75.4% YoY

• Net profit in (9MFY23) stood at INR 9,334 crore registering a strong YoY growth of 69.9%

• Net Interest Income (NII) grew by 26.5% & 24.2% for Q3FY23 & 9MFY23 respectively.

• Operating profit grew by 50.1% YoY in Q3FY23 to INR 8,232 crore

• Credit cost at a record low of 0.37% for Q3FY23 & 0.66% for 9MFY23

• Global Advances registered a strong YoY growth of 19.7% in Q3FY23

• Organic Retail Advances grew by 29.4%, led by growth in high focus areas such as Auto Loan (27.5%), Home Loan (19.6%), Personal Loan (169.6%), Mortgage Loan (20.5%), Education Loan (24.1)

• GNPA at 4.53% a reduction of 272 bps YoY and 78 bps QoQ

• NNPA at 0.99% a reduction of 126 bps YoY and 17 bps QoQ

• Provision coverage ratio (PCR) at a high of 92.34% with TWO & at 78.85% without TWO

• Net Interest Margins (NIM) stands at 3.37% in Q3FY23 and 3.23% for 9MFY23, increase of 24 bps YoY for the quarter and 22 bps for 9M

• Domestic NIM increases by 33 bps YoY to reach 3.54% for Q3FY23, it stands at 3.35% for 9MFY23, up by 27 bps YoY

• Return on Assets (RoA) for 9MFY23 improves by 31 bps YoY to 0.93%; RoA for Q3FY23 improves by 39 bps YoY to 1.13%

• Return on Equity (RoE) for 9MFY23 increases by 504 bps YoY to 17.02%; RoE for Q3FY23 increases by 671 bps YoY to 21.08%

• LCR (consolidated) stands at 143.78% in Dec’22

• BOB is now India’s 2nd largest Public Sector Bank as per total business

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