The state-owned lender Bank of Baroda on May 13 declared a nine-fold jump in its profit after tax (PAT) of Rs 7,272 crore for the year ended March 2022 as compared to a PAT of Rs 829 crore registered in the corresponding quarter of the previous fiscal.
The net interest income (difference between interest earned and interest expended) for the year rose 13 percent to Rs 32,621 crore as compared to the NII of Rs 28,809 crore for FY21.
For the quarter ended March 2022, the PAT for the bank came in at Rs 1,779 crore as compared to a loss of Rs 1,047 crore incurred during the year-ago period. On a sequential basis; however, the profit for the quarter has declined 19 percent as against Rs 2,197 crore profit logged during the previous quarter.
The lender saw its NII during the quarter under review bump up by 21 percent to Rs 8,612 crore as compared to Rs 7,107 crore reported during the same period last year. On a sequential basis, the NII was flat with a marginal growth of 0.7 percent from Rs 8,552 crore registered during the previous quarter.
Global advances during the year grew by 8.9 percent on year and by 6 percent on quarter to Rs 8,18,120 crore.
The domestic advances also grew at a healthy 6.7 percent on year and 4.6 percent sequentially. The organic retail advances grew by ~17 percent and were led by growth in home loan (11.3 percent), personal loan (108 percent), auto loan (19.5 percent) and education loan (16.7 percent). The agriculture loan portfolio grew by 10.3 percent YoY to Rs 1,09,796 crore while the organic MSME portfolio grew by 5.4 percent on year to Rs 96,863 crore.
The deposits and savings also witnessed robust growth of high single to low double digits on a YoY basis.
The operating income for the year at Rs 44,106 crore improved by 5.7 percent on year as the operating profit witnessed a growth of 5.6 percent to Rs 22,389 crore.
The net interest margin for the quarter witnessed a healthy growth of 272 bps on year to 3.08 percent.
The bank was able to improve upon its return ratios of Return on Assets (ROA) and Return on Equity (ROE).
The ROA improved to 0.60 percent for the reported year from 0.07 percent in FY21 while ROE surged by 1016 bps YoY to 11.66 percent for FY22.
The bank worked upon its asset quality and the effect was evident in the improved NPA (non-performing assets) ratios.
Gross NPA Ratio for the quarter reduced by 226 bps to 6.61 percent compared to 8.87 percent in during the year ago quarter.
The net NPA ratio for the quarter improved from 3.09 percent during the same period a year ago to 1.72 percent for the reported quarter.
The slippages for the year at 1.61 percent were well under control and the credit cost for the year stood at 1.95 percent.
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