Bank of Baroda on Saturday reported a net profit at Rs 1,209 crore in the April to June quarter on the back of 16 per cent growth in net interest income to Rs 7,892 crore.
In the January to March quarter (Q4 FY21), it had reported a standalone net loss of Rs 1,047 crore.
Operating profit in Q1 FY22 increased by 41 per cent to Rs 5,707 crore. Cost to income ratio fell to 47.45 per cent, a decline of 574 basis points over the previous year.
The bank said gross NPA position improved to 8.86 per cent from 9.39 per cent in the same period last year. Capital adequacy ratio increased to 15.4 per cent.
Global net interest margin exceeded 3 per cent at 3.04 per cent. Domestic net interest margin was at 3.12 per cent.
The bank said it reoriented its loan book to high yield segments. Organic retail loans increased by 11.8 per cent YoY. Within retail loans, auto loans increased by 25 per cent and personal loans grew by 19.5 per cent.
Gold loans increased by 37.7 per cent. The bank also brought down its cost of deposits significantly by 103 basis points to 3.92 per cent.
CASA deposits increased by 12.7 per cent YoY with the domestic CASA ratio increasing to 43.21 per cent from39.49 per cent last year, marking an increase of 372 basis points.
Bank of Baroda is one of India's largest banks with 8,292 branches and 11,637 ATMs and cash recyclers supported by self-service channels. It has a significant international presence with a network of 96 overseas offices spanning 19 countries.
( With inputs from ANI )
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor