For the December quarter, the lender’s Net Interest Income (NII) increased by 26.5% YoY to Rs10,818 crore while its Net Interest Margins (NIM) increased by 24 bps YoY to 3.37%. The lender’s overall provisions and contingencies increased 48% quarter-over-quarter (QoQ), from Rs1,628 crore in the September quarter to Rs2,404 crore in the current quarter. The same fell by 4.1% year over year.
According to BoB, its total revenue reached Rs20,73,385 crore as of December 30, 2022, an increase of 18.5% YoY. In the meantime, its operating profit increased by 50.1% YoY in Q3 to Rs8,232 crore. In the quarter that ended in December 2022, global deposits increased by 17.5% YoY to Rs11,49,507 crore, while domestic deposits increased by 14.5% YoY to Rs10,03,737 crore.
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The bank ranked second in terms of its overall business in Q3 thanks to increases in both its domestic and international advances of 19.7% YoY and 16.2% YoY, respectively. Additionally, the lender reported a gain in organic retail advances of 29.4%, driven mostly by YoY growth in high-focus segments such auto loans (27.5%), house loans (19.6%), personal loans (169.6%), mortgage loans (20.5%), and education loans (24.1%).
The public sector lender’s Gross NPA decreased by 25.3% YoY to Rs41,858 crore in the third quarter, and the Gross NPA Ratio improved to 4.53% in the third quarter of FY23 from 7.25% in FY22. The bank’s CRAR in December 2022 was 14.93%. Following the release of the results report, BoB’s shares increased 6% intraday on Friday to Rs163. The stock’s Thursday closing price was Rs154.
An Indian state-owned banking and financial services company, Bank of Baroda was founded in 1908 and has its headquarters in Vadodara, Gujarat. The government announced the merger of Vijaya Bank and Dena Bank with Bank of Baroda under the Alternative Mechanism scheme, which took effect on April 1, 2019.
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