Bank of Baroda reported a 107% YoY growth in its profits at Rs 2,197.03 crores against Rs 1,061.11 crores for the corresponding period last year. Its Net Interest Income increased 14.4% to Rs 8,552.03 crores. Its Net Interest Margin was 3.3%.
Gross and Net NPA ratios saw a sharp decline as they stood at 7.25% and 2.25%. Other income like fees, trading profit and miscellaneous income saw a 13.45% decline in the quarter. However, the bank’s provisions saw a 27.33% decline during the quarter.
As on December 2021, the bank’s advances grew 3.36% to Rs 6,54,315 crores. The company saw a 10% growth in agricultural loans and an 11% rise in retail loans. The bank faces several challenges in scaling up its corporate loans as its corporate loans saw a 2% growth during the quarter.
The stock of the bank has seen 10+% growth in the last 2 weeks as it closed at Rs 106.55 per share on 04/02/22.
Highlight by Aman Agarwal.