Bank Of Baroda Posts 75% Jump In Q3 Profit

Bank of Baroda, on Friday, reported 75% surge in standalone net profit at Rs 3,853 crore for the third quarter ended Dec. 31, 2022 as bad loans declined.

The state-owned bank had earned a net profit of Rs 2,197 crore in the year-ago period. Total income during October-December 2022 increased to Rs 27,092 crore as against Rs 20,482 crore in the year-ago period, BoB said in a regulatory filing.

During the quarter, interest income increased to Rs 23,540 crore as against Rs 17,963 crore in the same period a year ago.

On the asset quality front, the bank recorded an improvement with gross NPAs declining to 4.53% as compared to 7.25% at the end of the third quarter of 2021-22.

At the same time, net NPAs eased to 0.99% as against 2.25% in the same period a year ago.

As a result, provisions (other than tax) and contingencies declined to Rs 2,404 crore during the quarter from Rs 2,507 crore a year ago.