Bank of Baroda Q3 net profit doubles to Rs 2,197 crore

Bank of Baroda said on Saturday its net profit in the third quarter of the current financial year more than doubled to Rs 2,197 crore against Rs 1,061 crore recorded in the corresponding period of the previous year.

The bank’s net profit rose three times in the nine-month period ended December 2021 over the same period of the previous year. Bank of Baroda’s net profit surged to Rs 5,494 crore in the April-December 2021 period against Rs 1,875 crore recorded in the same period of the previous year.

The Gross NPA ratio of the bank significantly improved to 7.25% in December 2021 from 8.48% in December 2020. The Gross NPA of the bank was reduced to Rs 55,997 crore in Q3 FY22 from the level of Rs 63,182 crore in Q3 FY21.

Also Read: SBI profit surges 62 pc to Rs 8,432 crore in Q3

The net NPA ratio of the bank improved to 2.25% in Q3 FY22 as compared with 2.83% in Q2 FY22.

Net Interest Income (NII) of Bank of Baroda increased to Rs 8,552 crore in Q3 FY22 as against Rs 7,477 crore in Q3 FY21, registering a growth of 14.38% YoY.

The operating income of the bank increased by 6.57% YoY to Rs 11,071 crore in Q3 FY22. Operating income for the first three quarters of the current financial year registered a growth of 10.57% and stood at Rs 32,972 crore as against Rs 29,819 crore in the corresponding period of the previous year.

The bank’s global net interest margin increased to 3.13% in December 2021 from 2.77% in December 2020.

(The above story is a direct embed from ANI Feed, Our Writers didn’t change anything in this)