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Informist, Friday, Oct. 25, 2024

 

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--Bank of Baroda Jul-Sept slippage ratio 1.07% vs 1.81% year ago 
--Bank of Baroda Jul-Sept cost of deposits 5.12% vs 4.92% year ago 
--Bank of Baroda Jul-Sept credit cost 0.65% 
--Bank of Baroda global deposits INR 13.63 tln as on Sept. 30, up 9.1% YoY 
--Bank of Baroda global advances INR 11.43 tln as on Sept. 30, up 11.6% YoY 
--Bank of Baroda Jul-Sept net interest margin 3.10% vs 3.18% quarter ago 
--Bank of Baroda Jul-Sept net interest income INR 116.22 bln, up 7.3% on yr 
--Bank of Baroda provision coverage ratio 93.61% as on Sept 30 
--Bank of Baroda Jul-Sept provisions INR 23.36 bln vs INR 21.61 bln 
--Bank of Baroda Apr-Sept total income INR 675.61 bln vs INR 619.11 bln 
--Bank of Baroda Jul-Sept total income INR 354.45 bln vs INR 320.33 bln 
--Bank of Baroda Basel III capital adequacy ratio 16.26% as on Sept 30 
--Bank of Baroda Apr-Sept net profit INR 96.96 bln vs INR 83.23 bln 
--Bank of Baroda net NPA ratio 0.60% as on Sept 30 vs 0.69% qtr ago 
--Bank of Baroda gross NPA ratio 2.50% as on Sept 30 vs 2.88% qtr ago 
--Bank of Baroda Jul-Sept net profit INR 52.38 bln vs INR 42.53 bln 
--Analysts saw Bank of Baroda Jul-Sept net profit INR 45.07 bln 
--Bank of Baroda Jul-Sept net profit INR 52.38 bln 

 

By Kshipra Petkar

 

MUMBAI – Bank of Baroda reported a net profit of INR 52.38 billion in the reporting quarter, up 23.2% on year for the quarter ended September, beating analysts' expectations. Sequentially, the bottomline was up by 17.5%. Improving asset quality aided the bank's bottom line in the reporting quarter. Analysts had pegged the net profit for the reporting quarter in the range of INR 41.46-49.05 billion.

 

In the six months ended September, the net profit of the bank stood at INR 96.96 billion and the total income stood at INR 675.61 billion

 

The gross non-performing ratio of the bank improved to 2.50% as on Sept. 30 from 2.88% reported a quarter ago and the net non-performing asset ratio also declined to 0.60% from 0.69% a quarter ago. The bank provisions increased marginally in Jul-Sept to INR 23.36 billion compared with INR 21.61 billion a year ago. However, it increased sharply from INR 10.11 billion reported a quarter ago. The provision coverage ratio stood at 93.61% as on Sept. 30.

 

The bank reported fresh slippages of INR 27.88 billion in the reporting quarter. The slippage ratio fell to 1.07% from 1.81% a year ago.

 

The net interest income of the bank was at INR 116.2 billion, up 7.3% on year. The total income of the bank was up at INR 354.45 billion as compared to INR 320.33 billion year ago. Other income was up to INR 51.81 billion from INR 41.71 billion a year ago. The net interest margin of the bank moderated to 3.10% in Jul-Sept from 3.18% a quarter ago.

 

The bank's business performance was steady, with global advances at INR 11.43 trillion as on Sept. 30, up 11.6% on year, and global deposits at INR 13.63 trillion as of Sept. 30, up 9.1% on year.

 

Within global advances, the gross domestic advances were up 12.5% on year at INR 9.38 trillion as of Sept. 30 and the international gross advances rose 7.6% on year to INR 2.04 trillion.

 

Retail advances were up nearly 20% on year to 2.32 trillion for the quarter ended September. Within this, the bank's personal loan book grew 25.2% on year to INR 320.62 billion. Home loan book grew 16.2% on year to 1.19 trillion as on Sept. 30.

 

Agriculture book grew 10.6% on year to INR 1.44 trillion and the micro, small and medium enterprise book increased 11.7% on year to 1.27 trillion. Corporate book grew 10.6% on year to INR 3.89 trillion.

 

Within global deposits, the domestic deposits were up 7.1% on year to INR 11.51 trillion and international deposits were up 21.2% on year to INR 2.12 trillion. The domestic CASA deposits ratio fell 4 basis points on year and 78 bps on quarter to 39.84%.

 

Bank of Baroda's Jul-Sept cost of deposits increased to 5.12% compared with 4.92% a year ago. The credit cost was 0.65% compared with 0.47% a quarter ago. The bank's capital adequacy ratio stood at 16.26% as of Sept. 30. On the National Stock Exchange, the shares of the bank closed 2.14% lower at INR 239.52 on Friday.  End

 

Edited by Akul Nishant Akhoury

 

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