BoB Q1 Results: Lender clocks 79% rise in Q1 profit at Rs 2,168 cr

The lender had reported a net profit of Rs 1,208.63 crore in the same quarter previous year.

On a sequential basis, the bottomline registered a rise of 22 per cent from Rs 1,778.77 crore in the quarter ended March 31, 2022.

However, its total income remained almost flat, with marginal gains, to Rs 20,119.52 crore in the Q1FY23 from Rs 19,915.83 crore in Q1FY22. Its total income stood at Rs 20,695.90 crore in the preceding quarter.

The steep fall in the provisions supported the net profit of the lender. The provisions for the quarter slumped 58 per cent on YoY and 55 per cent on QoQ to Rs 1684.80.

However, the Bank of Baroda reported a 19.2 per cent slump in the operating profit to Rs 4,527.52 crore from 5,600.82 crore during the period under review.

The PSU lender’s net interest income zoomed 12 per cent to Rs 8,838 crore in the latest quarter from Rs 7,892 crore in the year ago period. Fee based operating profit jumped 15.6 per cent to Rs 1,277 crore from Rs 1,105 crore.

Its CASA deposits rose 10.9 per cent on a year-on-year (YoY) basis to Rs 4,01,622 crore from Rs 3,62,044 crore. Its domestic gross advances, agriculture advances, MSME advances and retail advances registered double digit gains.

However, the gross non performing assets (NPA) decreased to 6.26 per cent in Q1FY23 from 6.61 per cent in Q4FY22 and 8.86 per cent in Q1FY22.

BoB reported net NPAs at 1.58 per cent in June 2022 quarter, compared to 3.03 per cent in the same quarter previous year. Net NPAs in the preceding quarter stood at 1.72 per cent.