Bank of Baroda Q1 Results: Net Profit Soars 79.3% YoY to Rs 2,168 Crore, NII Jumps 12%

Bank of Baroda Q1 FY23 Results: Bank of Baroda, a public sector institution, recorded a staggering 79.3% year-over-year increase in net profit to Rs 2,168 crore for the quarter ended June 30. In Q1 FY23, Net Interest Income (NII) increased by 12% to Rs 8,838 crore, the bank reported on Saturday, July 30 in a regulatory filing.

In the June quarter of FY23, Bank of Baroda's fee-based income increased by 15.6% year over year to Rs 1,277 crore from Rs 1,105 crore in the June quarter of FY22. Operating income for the current quarter is Rs 10,020 crore, which is 6.8% less than the same quarter a year ago when it was Rs 10,755 crore. For the period under review, the Bank of Baroda posted an operational profit of Rs 4,528 crore, a 19.2% decrease from Rs 5,601 crore during the same quarter last year.

In comparison to the same quarter last year, the cost of deposits for the April to June quarter decreased from 3.55 percent to 3.46 percent year over year. According to Bank of Baroda's exchange statement on Saturday, core operational profit (excluding treasury gains/losses and interest on IT refund) increased by 11% YoY to Rs 5,301 crore in the quarter under review.

On the other hand, Return on Assets (RoA) increased from 0.42 percent to 0.68 percent in the quarter that concluded on June 30 of last year. The Return on Equity (RoE) for Bank of Baroda, meanwhile, climbed by 500 bps YoY to 13.63%.

The Bank of Baroda's gross non-performing assets (GNPA) decreased this quarter, falling to 6.26% from 8.86% in Q1FY22. From a level of Rs 66,671 crore in Q1 FY22, the lender's Gross NPA decreased to Rs 52,591 crore in the April to June quarter of this year. In the meantime, the Net Non-Performing Assets (NNPA) decreased from 3.03 percent in Q1FY22 to 1.58 percent in Q1FY23. According to the Bank of Baroda, its credit cost for the quarter under consideration was 0.75 percent.

Global deposits for Bank of Baroda increased by 10.9% year over year to Rs 10,32,714 crore from Rs 9,31,317 in Q1 FY22. Osmotic deposits, on the other hand, climbed by 8.5% to Rs 9,09,095 crore in the quarter that ended June 30, 2022, from Rs 8,37,803 crore in the quarter that ended June 30, 2021.

On a YoY basis, the bank's organic retail loan portfolio increased by 23.2%, with personal loans accounting for the majority of that growth at 147.1%, followed by vehicle loans at 25.6%, education loans at 20.5%, and home loans at 15.3%.

Domestic current account deposits for Bank of Baroda were reported at Rs 63,440 crore, an increase of 10% from the previous year. Bank of Baroda's domestic savings bank deposits increased by 11.1% to Rs 3,38,182 crore in the meantime. The lender reported that domestic CASA as a whole saw a rise of 10.9 percent YoY.

By June 30 of the current year, Bank of Baroda has 11,475 ATMs and cash recyclers supported by self-service channels, along with 8,163 branches and 11,475 ATMs.

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