Bank of Baroda’s net profit for December quarter doubled from the corresponding period
New Delhi:
Bank of Baroda (BoB) has recorded a net profit of Rs 2,197 crore in the third quarter of the current fiscal, which is more than double the profit of Rs 1,061 crore, which it had reported in the corresponding period of last year.
The state-owned bank’s total income during the third quarter of 2021-22 rose to Rs 20,482.26 crore as against Rs 20,407.45 crore in third quarter of 2020-21, BoB said in a regulatory filing.
Interest income rose to Rs 17,963 crore in the quarter under review from Rs 17,496.71 crore in the year-ago quarter.
The bank witnessed improvement in its bad loan ratio, with the gross non-performing assets (NPAs) falling to 7.25 per cent of the gross advances as of December 31, 2021 from 8.48 per cent by end of December 2020.
Net NPAs came down to 2.25 per cent from 2.39 per cent.
Provisions for bad loans and contingencies fell to Rs 2,507 crore for quarter ended December 2021 as against Rs 3,449.90 crore in the year-ago quarter.
On a consolidated basis, the net profit during October-December 2021-22 rose to Rs 2,463.75 crore, up from Rs 1,195.96 crore in year ago period. Income increased to Rs 22,072.99 crore from Rs 21,815.76 crore.