Bank of Baroda’s net profit in September quarter grew by 58.7% to Rs 3,313 cr

Bank of Baroda has said that its net profit grew by 58.7 per cent to Rs 3,313 crore in the September quarter this fiscal. The net profit for H1 FY23 stood at Rs 5,482 crore, which is up by 66.3 per cent year-on-year, due to healthy growth in non-interest income. 
The Mumbai-based public sector bank said that advances registered a strong YoY growth of 19 per cent in Q2FY23.  
“The consolidated unaudited financial results includes the interim financial information of 7 subsidiaries (6 domestic subsidiaries and 1 foreign subsidiaries) and 1 joint ventures, whose interim financial information reflect total revenues of Rs 255,364 lakh and Rs 331842 lakh and total net profit/(loss) after tax of Rs 5,512 lakh and Rs 10,166 lakh for the quarter ended September 30, 2022 ,and for the period from April 1, 2022 to September 30, 2022, as considered in the consolidated unaudited financial results, the bank said in its filing on Saturday.
The bank stated that its organic retail advances grew by 28.4 per cent, due to growth in high focus areas such as Home Loan (19 per cent), Personal Loan (172.8 per cent), Auto Loan (29.2 per cent), Education Loan (23.2 per cent). Even in the last quarter, the bank’s operating performance was outstanding in the past quarter corresponding with a recovery in loan growth. 
In terms of bad loans, the bank reported a slippage of 5.31 per cent, a reduction of 280 bps year-on-year, and 95 bps quarter-on-quarter. It also reported a reduction of 1.16 per cent in its NNPA , which is 167 bps YoY in Q2FY23 and 42 bps QoQ.
The net interest margins grew by 3.33 per cent in Q2FY23.