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Bank of Baroda FY21 net profit rises 52% to Rs 829 crore

For January-March quarter, the state-owned bank reported a net loss of Rs 1,047 crore as against a net profit of Rs 507 crore in the corresponding quarter last year.

twitter-logoBusinessToday.In | May 29, 2021 | Updated 18:00 IST
Bank of Baroda FY21 net profit rises 52% to Rs 829 crore
Gross non-performing assets (NPAs) stood at 8.87 per cent of total advances as of March 31, 2021, while net NPAs stood at 3.09 per cent.

Bank of Baroda on Saturday reported 51.83 per cent increase in net profit for financial year 2020-21 at Rs 829 crore. The bank's net interest income (NII) rose 4.95 per cent to Rs 28,809 crore.

For January-March quarter, the state-owned bank reported a net loss of Rs 1,047 crore as against a net profit of Rs 507 crore in the corresponding quarter last year. NII rose 4.54 per cent to Rs 7,107 crore.

Domestic current account and saving account ratio increased 380 basis points to 42.87 per cent in March quarter. "Domestic advances increased by 4.91 per cent YoY led by domestic organic retail and agriculture loans which grew by 14.35 per cent and 13.22 per cent respectively," the bank said.

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Total provisions, excluding tax and contingencies, declined 27.17 per cent to Rs 15,074 crore in FY21, while in March quarter it declined 46.03 per cent to Rs 3,586 crore.

In terms of asset quality, gross non-performing assets (NPAs) stood at 8.87 per cent of total advances as of March 31, 2021, while net NPAs stood at 3.09 per cent. Provision coverage ratio rose to 81.80 per cent as on March 31, 2021 as compared with 81.33 per cent as on March 31, 2020.

The bank's board also approved raising additional capital up to Rs 5,000 crore comprising of Rs 2,000 crore of common equity capital by various modes, including QIP, in suitable stages and Rs 3,000 crore by way of additional tier I capital/tier II capital instruments with an interchangeability option, issued in India/overseas in suitable tranches up to March 31, 2022.

Also read: Infosys cuts carbon emissions by 46% in FY21

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