Bank Of Baroda Q1 Results: Profit Nearly Doubles, NII Up 25%
Bank of Baroda's net profit nearly doubled over the previous year in the April-June quarter due to higher core income.
The lender's first-quarter net profit increased to Rs 4,070 crore as compared to Rs 2,168 crore over the same period last year, according to an exchange filing on Saturday. Analysts polled by Bloomberg estimated the bank's standalone net profit at Rs 4,121.56 crore.
Net interest income rose 24.42% year-on-year to Rs 10,997 crore.
The bank's asset quality position improved, with the gross non-performing asset ratio declining to 3.51% from 3.79% in the previous quarter. The net NPA ratio declined to 0.78% from 0.89%, sequentially.
The growth in profitability was supported by healthy operating income growth of 42.9% year-on-year in the April-June quarter, Bank of Baroda said in a statement accompanying the earnings. That, in turn, was driven by the growth in net interest income.
Other Key Highlights
Domestic advances up 16.8% YoY at Rs 8,12,626 crore.
Global advances up 18% YoY at Rs 9,90,988 crore.
Global deposits up 16.2% YoY at Rs 11,99,908 crore.
Domestic deposits up 15.5% YoY at Rs 10,50,306 crore.
International deposits up 21% YoY at 1,49,602 crore.
The domestic CASA ratio stood at 0.40.
The surge in advances was driven by the retail loan book. Organic retail advances grew 24.8% year-on-year on the back of demand for personal loans (up 82.9%), as well as auto loans (up 22.1%), home loans (up 18.4%) and education loan (20.8%).
On Friday, shares of Bank of Baroda fell 0.93% to Rs 191.45 apiece, even as the benchmark Sensex ended the day 0.74% higher at 65,721.25 points.
-
Signature Play: The Classic Cocktail Is Dead. Or Is It?
Classic cocktails are disappearing from India's cocktail menus. But they're still being ordered, taught to bartenders and borrowed from. So, who's really having the last drink?
-
A New Samvat Wishlist: Inclusive Prosperity And Human Development
India has strengthened its economic foundations through infrastructure, digital access and enterprise. Its next growth chapter must deepen productivity, create better livelihoods and widen participation in prosperity.
-
Love, Sex Aur Dhokha: The Audacious Plot To Spy On Jensen Huang
A Taipei dinner, a Singapore chip buyer and a suspected Chinese asset: inside the alleged spy operation that got close to NVIDIA's Jensen Huang.
-
Ten Things I Learnt This Samvat
Patience can be a trap. Cheap stocks can stay cheap. Leverage can wipe you out. What did Samvat 2082 teach us? Niraj Shah writes on 10 lessons from the year gone by.
-
Talking Points This Week: Tech Nerves, FII Buying, And A Faraway Banking Shock
The global markets are not shining this Diwali. The exception in the large markets is, India.
-
Midterm Rally Lasted A Day. The Hard Reality Of A Divided US May Last Two Years | Opinion
Between a contested AI boom, a debt ceiling that arrives in 2027 and a president with every incentive to act alone, the next two years may prove more volatile than the first day's rally suggests.
-
Blue Wave Will Derail the AI Trade but Won't Dismantle the AI Era | Unhedged Position
The Democrats' sweep of the US Congress will see politics collide with economic forces both over the long and short term.
-
It's Time To Take The GST Council's Bet On Trust Global
Payment records can prove India's services exports, and clear, proportionate rules can bring foreign digital sellers into the tax net.
-
Opinion | India at 38: From Innovation Overperformer to Innovation Powerhouse
India now has 453 VC-backed deep science startups, 18 of them late-stage, after 117 percent growth since 2020. Laurus Labs, at USD 9.3 billion, is the most valuable deep science company in any middle-income economy outside China.
