Bank of Baroda posts 75 pc hike in Q3 profit

Vadodara (Gujarat) [India], February 3 (ANI): The Bank of Baroda on Friday posted a 75.4 per cent increase in its net profit to Rs 3,853 crore for the quarter ended December 2022, against Rs 2,197 crore in the year-ago period. The company said its operating profit in the reviewed quarter jumped 50.1 per cent to Rs 8,232 crore, against Rs 5,483 crore in the corresponding period a year ago.

During the reviewed quarter, interest income went up 31 per cent to Rs 23,540 crore, against Rs 17,963 crore in the year-ago period. Interest expenses increased 35.2 per cent to Rs 12,722 crore, against Rs 9,411 crore in the year-ago period. Net interest income for the reviewed quarter rose 26.5 per cent to Rs 10,818 from Rs 8,552 crore.

The domestic deposits went up 14.5 per cent to Rs 10,03,737 crore in December 31, 2022, from Rs 8,76,555 crore in December 2021. International deposits grew 43.6 per cent to Rs 1,45,770 crore in December 31, 2022, from Rs 1,01,479 crore in December 2021.

Gross non-performing assets (NPA) ratio was 4.53 per cent in Q3FY23 while it was 7.23 per cent in Q3FY22.