Bank of Baroda Q3 net profit rises to Rs 1,061 crore; NII up 8.6%

Updated : January 27, 2021 04:41 PM IST

Bank’s net interest income during Q3FY21 increased 8.6% to Rs 7,749 cr from Rs 7,132 cr, YoY.

Domestic margins (NIM) increased to 3.07% in Q3FY21 compared with 2.96% in Q2FY21.

The state-run lender Bank of Baroda reported a standalone net profit of Rs 1,061.1 crore in the quarter ended December 2020 as compared to Rs 1,407 crore loss in the corresponding period of last fiscal.

CNBC-TV18 analysts' poll had estimated a net profit of Rs 825 crore. The bank had reported a net profit of Rs 1,679 crore in the September quarter.

The bank’s net interest income during Q3FY21 increased 8.6 percent to Rs 7,749 crore from Rs 7,132 crore, YoY. Domestic margins (NIM) increased to 3.07 percent in Q3FY21 compared with 2.96 percent in Q2FY21. Global NIM was stable at 2.87 percent compared with 2.86 percent in Q2.

On the asset quality front, gross non-performing assets (NPA) during the quarter declined 3.8 percent to Rs 63,181.55 crore from Rs 65,698.01 crore, while net NPA fell 0.8 percent to Rs 16,667.71 crore from Rs 16,794.93 crore, sequentially.

Gross NPA as a percent of gross advances fell by 66 bps to 8.48 percent from 9.14 percent and net NPA decreased by 12 bps to 2.39 percent from 2.51 percent, QoQ.

Proforma GNPA ratio and NNPA ratio at 9.63 percent and 3.36 percent respectively as of December 31, 2020.

Total Provisions in Q3FY21 declined 44.7 percent to Rs 3,957 crore from Rs 7,155 crore YoY. Provisions were Rs 3,002 crore in the September quarter.

Provision Coverage Ratio increased to 85.46 percent as on December 31, 2020, compared with 77.77 percent as on December 31, 2019, and 85.35 percent as on September 30, 2020. Covid-19 related provisions stood at Rs 1,709.45 crore.

Capital adequacy (CRAR) stands at 12.93 percent with CET-1 at 8.98 percent on a standalone basis and for the consolidated entity it stands at 13.60 percent and 9.76 percent, respectively, the bank said in a regulatory filing.

Global advances increased by 6.30 percent led by domestic organic retail and agriculture loans which grew by 13.78 percent and 14.08 percent respectively. Auto loans increased by 22.56 percent YoY.

Domestic CASA ratio increased to 41.20 percent, up by 240 bps YoY.

On Wednesday, the shares of Bank of Baroda ended 1.15 percent lower at Rs 72.95 apiece on the BSE as compared to a 1.94 percent loss on the benchmark Sensex.

Read all Earnings here.

Published : January 27, 2021 04:41 PM IST