Mumbai: With a big bang Bank of Baroda on Saturday announced their quarter three results by doubling of its net profit to Rs 2,197 crore on a standalone basis in the quarter ended in December 2021.
While, the lender had posted a net profit of Rs 1,061 crore in the same quarter a year ago. In the total income front during the third quarter of 2021-22 rose to Rs 20,482.26 crore as against Rs 20,407.45 crore in Q3FY21, Bank of Baroda said in a regulatory filing. Interest income rose to Rs 17,963 crore in the quarter under review from Rs 17,496.71 crore in the year-ago quarter.
Drastic improvements could be seen in its bad loan ratio, with the gross non-performing assets (NPAs) falling to 7.25 per cent of the gross advances as of December 31, 2021 from 8.48 per cent by end of December 2020.
Net NPAs came down to 2.25 per cent from 2.39 per cent.
Provisions for bad loans and contingencies fell to Rs 2,507 crore for quarter ended December 2021 as against Rs 3,449.90 crore in the year-ago quarter. Consolidated basis, of net profit during October-December 2021-22 rose to Rs 2,463.75 crore, up from Rs 1,195.96 crore in year ago period. Income increased to Rs 22,072.99 crore from Rs 21,815.76 crore.
The bank also made remarkable growth in the msme lending space.
The loan book also have a robust growth, which reflects in the net profit.
