Bank of Baroda Q1 Results: Profit Up 2%, NII Declines

Bank of Baroda's standalone net profit grew 1.9% year-on-year, whereas its net interest income declined, according to the financial results declared by the lender on Friday.

The bank reported a standalone bottom line of Rs 4,541 crore as against Rs 4,458 crore in the same quarter last year.

The NII— the difference of interest earned and interest paid— fell 1% year-on-year to Rs 11,435 crore during the quarter compared to Rs 11,600 crore in the year-ago period.

Bank of Baroda's asset quality worsened marginally during the quarter under review, with the gross non-performing assets ratio increasing in the April to June period to 2.28% from 2.26%.

• Total income up 11.4% to Rs 35,766.02 crore versus Rs 32,115.95 crore.

• Net profit up 1.9% to Rs 4,541.36 crore versus Rs 4,458.15 crore.

• NII falls 1% to Rs 11,434.78 crore versus Rs 11,600.1 crore.

• Gross NPA ratio at 2.28% versus 2.26%, up 2 basis points quarter-on-quarter.

• Net NPA ratio at 0.60% versus 0.58%, up 2 basis points quarter-on-quarter.

Shares of Bank Of Baroda closed 1.38% lower at Rs 243.45 apiece on the National Stock Exchange before the announcement, compared to a nearly 1% decline in the benchmark Nifty. The share price has risen 1.21% in the last 12 months but fallen 0.77% on a year-to-date basis.

Out of the 38 analysts tracking the company, 29 have a 'buy' rating on the stock, seven recommend 'hold', and two suggest 'sell', according to Bloomberg data. The average of 12-month analysts' price targets implies a potential upside of 9.1%.