NEW DELHI: State-owned Bank of Baroda on Saturday reported a jump of 59 percent in its net profit to Rs 3,313 crore for the second quarter ended September on the back of a decline in bad loans and a rise in interest income.
The lender had posted a net profit of Rs 2,088 crore in the corresponding quarter of the previous fiscal.
Its total income rose to Rs 23,080.03 crore for the second quarter of 2022-23, compared to Rs 20,270.74 crore a year ago, it said in a regulatory filing.
Net interest income grew by 34.5 percent to Rs 10,714 crore.
The lender improved its asset quality, with the gross non-performing assets (NPAs) coming down to 5.31 percent of the gross advances by the end of September 2022, from 8.11 percent in the year-ago period.
Net NPAs fell to 1.16 percent from 2.83 percent.
As a result, provisions for bad loans and contingencies declined to Rs 1,627.46 crore for the quarter from Rs 2,753.59 crore a year ago.
Net interest margins rose to 3.33 percent at the end of September 2022.
The capital adequacy ratio declined to 15.25 percent from 15.55 percent at the end of September 2021.
On a consolidated basis, the Bank of Baroda group's net profit increased to Rs 3,400 crore as against Rs 2,168 crore in the same period a year ago.