Bank of Baroda Q2 results: Net profit up 24% to Rs 2,088 cr, NII up 2%

Bank of Baroda on Wednesday reported a 24.39 per cent year-on-year (YoY) rise in its net profit for July-September quarter at Rs 2,088 crore. The bank had posted a profit of Rs 1,209 crore in the preceding June quarter.   Interest income declined 6.33 per cent YoY to Rs 16,692 crore, while net interest income (NII) grew 2.11 per cent to Rs 7,566 crore during the quarter under review.   The state-owned bank's domestic current account and saving account deposits rose 13.01 per cent to Rs 3.76 lakh crore, while domestic advances rose 2.99 per cent to Rs 6.23 lakh crore. Meanwhile, the bank's global advances increased 2.10 per cent YoY to Rs 7.34 lakh crore.   Bank of Baroda said its organic retail loan portfolio grew 10.25 per cent on a YoY basis, led by 33.12 per cent growth in personal loan portfolio, 23.17 per cent growth in auto loan and 11.09 per cent growth in education loan.  Also Read: Paytm IPO fully subscribed on final day, retail portion booked 1.57 times

The agriculture loan portfolio grew 7.39 per cent to Rs 1,00,748 crore, while organic MSME portfolio increased 4.12 per cent to Rs 89,339 crore.   The bank's gross non-performing assets (NPA) ratio stood at 8.11 per cent during the quarter under review as against 9.14 per cent in the year-ago quarter and 8.86 per cent in the preceding June quarter. Net NPA stood at 2.83 per cent as against 2.51 per cent in the year-ago quarter and 3.03 per cent in the preceding June quarter.   The bank's cost of deposit stood at 3.52 per cent during the quarter as against 3.99 per cent in the year-ago quarter and 3.55 per cent in the preceding June quarter.   On a consolidated basis, the bank posted a net profit of Rs 2,168 crore during September quarter as against Rs 1,771 crore in the year-ago quarter. Profit was at Rs 1,187 crore in the preceding June quarter.

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