Bank of Baroda Q2 profit rises 59% to Rs 3,313 crore

| | New Delhi
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Bank of Baroda Q2 profit rises 59% to Rs 3,313 crore

Sunday, 06 November 2022 | PTI | New Delhi

State-owned Bank of Baroda on Saturday reported a jump of 59 per cent in its net profit to Rs 3,313 crore for the second quarter ended September on the back of a decline in bad loans and rise in interest income.

The lender had posted a net profit of Rs 2,088 crore in the corresponding quarter of the previous fiscal.

 Its total income rose to Rs 23,080.03 crore for the second quarter of 2022-23, compared to Rs 20,270.74 crore a year ago, it said in a regulatory filing.

 Net interest income grew by 34.5 per cent to Rs 10,714 crore.

 The lender improved its asset quality, with the gross non-performing assets (NPAs) coming down to 5.31 per cent of the gross advances by the end of September 2022, from 8.11 per cent in the year-ago period.

 Net NPAs fell to 1.16 per cent from 2.83 per cent.

 As a result, provisions for bad loans and contingencies declined to Rs 1,627.46 crore for the quarter from Rs 2,753.59 crore a year ago. Net interest margins rose to 3.33 per cent at the end of September 2022.

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