State-owned Bank of Baroda on Saturday reported a 59 percent jump in its net profit to Rs 3,313 crore for the second quarter ended September due to a decline in bad loans and rise in interest income.
The lender had posted a net profit of Rs 2,088 crore in the corresponding quarter of the previous fiscal year.
Total income rose to Rs 23,080.03 crore for the second quarter of 2022-23, compared to Rs 20,270.74 crore a year ago, it said in a regulatory filing.
Net interest income rose 34.5 percent to Rs 10,714 crore.
The lender improved its asset quality, with gross non-performing assets (NPAs) falling to 5.31 percent of gross advances at the end of September 2022, from 8.11 percent in the same period a year ago.
Net NPAs fell from 2.83 percent to 1.16 percent.
As a result, provisions for bad loans and contingencies fell to Rs 1,627.46 crore for the quarter from Rs 2,753.59 crore a year ago.
Net interest margins rose to 3.33 percent at the end of September 2022.
The capital adequacy ratio fell from 15.55 percent at the end of September 2021 to 15.25 percent.
On a consolidated basis, the net profit of the Bank of Baroda group rose to Rs 3,400 crore from Rs 2,168 crore in the same period a year ago.
(Except for the headline, this story has not been edited by DailyExpertNews staff and has been published from a syndicated feed.)
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