Bank of Baroda Q1 Results

Net income jumps 79.3% YoY to Rs 2,168 crore, NII up 12%

Cost of Deposits decreased from 3.55 percent in Q1 FY22 to 3.46 percent in Q1 FY23.

The Bank of Baroda's Gross NPA decreased from a level of Rs. 66,671 crore in Q1FY22 to Rs. 52,591 crore in the quarter under review.

The state-owned BOB said on Saturday that its standalone net profit for the quarter ending in June of this year (Q1FY23) increased by 79.3% year over year to Rs. 2,168 cr from Rs. 1,209 cr.

In the quarter under review, NII increased by 12% to Rs. 8,838 cr thanks to an increase in fee income of 15%. Operating Income for the three months ending in June totaled Rs. 10,020 crore.

According to a regulatory filing, its overall revenue rose to Rs. 20,119.52 crore in the first quarter of the current fiscal year from Rs. 19,915.83 crore.

The lender's interest income increased as well, going from Rs. 17,052.64 crore to Rs. 18,937.49 crore.

According to the bank's regulatory statement, the cost of deposits decreased to 3.46% in the quarter from 3.55% in Q1FY22.

But compared to the same period last year, operational profit fell by 19% to Rs. 4,528 crore (from Rs. 5,707 crore).

The bank's Net NPA Ratio decreased from 3.03% in Q1FY22 to 1.58% in Q1FY23. Domestic advances of the bank climbed by 15.7% to Rs. 6,95,493 cr.

The Provisioning Coverage Ratio was 89.38% as of June of this year, and the net interest margin was steady at 3.02%.

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