Bank of Baroda Ltd., the second largest public sector bank, reported third quarter standalone net profit rose 5.6% to ₹4,837 crore from ₹4,579 crore in the year-earlier period.
Net interest income (NII) grew 2.8% YoY to ₹11,417 crore. Global net interest margin (NIM) stood at 2.94%. Cost of deposits increased to 5.08% in the quarter as against 4.96% in the same period last year.
During the period, the bank made higher provisions and contingencies of ₹1,082 crore as compared with ₹666 crore a year ago.
Gross NPA of the bank during the quarter reduced 11.9% YoY to ₹28,471 crore and gross NPA ratio improved to 2.43% from 3.08% in the year-ago period.
Net NPA was down 5.3% at ₹6,825 crore compared with ₹7,208 crore a year ago. Net NPA ratio stood at a low of 0.59% as compared with 0.70% a year ago. Slippage ratio for the quarter remained contained at 0.90% as against 0.95% a year ago, the bank said in a filing.
Global advances increased 11.8% YoY to ₹11,73,034 crore. Domestic advances increased 11.9% to ₹9,64,869 crore. Global deposits increased 11.8% YoY to ₹13,92,461 crore. Domestic deposits increased 9.2% to ₹11,65,874 crore.
The bank’s retail advances rose 19.5% led by growth in high focus areas such as auto loan (21.1%), home loan (16.6%), mortgage loan (16.3%) and education loan (16.9%) on a YoY basis. The agriculture loan portfolio grew 12.5% YoY to ₹1,51,050 crore.
The gold loan portfolio, including retail and agriculture, stood at ₹58,172 crore, up 29.1% YoY. The MSME portfolio grew 13.6% to ₹1,31,769 crore. Corporate advances registered a growth of 6.8% YoY and stood at ₹3,87,405 crore, the bank said.
The bank reported consolidated net profit of ₹5,214 crore as against ₹4,789 crore in the year-ago period, up 9%.
Published – January 30, 2025 07:46 pm IST
