Bank of Baroda on Friday reported a Rs 1,778.77-crore internet revenue for the quarter ended March 2022, towards a internet lack of Rs 1,046.50 crore for the year-ago interval. The lender reported a powerful development in internet curiosity revenue (NII).
The NII grew 21.18% year-on-year to Rs 8,611.67 crore, from Rs 7,106.62 crore in the identical interval final 12 months. Non-interest revenue, nonetheless, witnessed an over 47% y-o-y decline at Rs 2,522.29 crore. The internet curiosity margin (NIM) rose 36 foundation factors at 3.08% from 2.72% within the fourth quarter of FY21. On a quarter-on-quarter foundation, it noticed a 5-bps decline from 3.13%.
The financial institution’s provisions (apart from tax) rose 5.10% to Rs 3,736.38 crore for the interval beneath evaluation, in contrast with Rs 3,555.06 crore for Q4FY21.
The asset high quality improved as gross NPA lowered to Rs 54,059 crore in Q4FY22 from Rs 66,671 crore in Q4FY21, and gross NPA ratio improved to six.61% from 8.87%. Gross NPA stood at Rs 55,997 crore in Q3FY22.
While home present account deposits stood at Rs 68,780 crore, registering a development of 11.6% on a y-o-y foundation, home financial savings financial institution deposits grew by 11.4% to Rs 3,41,343 crore. The total home CASA grew 11.4%.
Speaking at a digital press meet after declaring the outcomes, MD & CEO Sanjiv Chadha stated the financial institution made it certain that the asset development occurred in these segments which continued to present it good margins. “On the deposit side, our deposit growth was actually slower because we wanted to make sure that we do not gather excessive deposits at a time when the growth is challenged. The deposit growth largely came from CASA deposits,” Chadha stated.
On the asset aspect, he stated, there have been challenges within the company aspect by way of margins due to liquidity positions. “And, therefore, most of our growth actually came from other than corporates – it came from retail. Car loans grew by 20% and unsecured personal loans, which have the best margins, rose by 108%. I think this was really the base on which we were able to improve our NIM in a year, where liquidity was abundant and margins were challenged,” he stated.
Source: www.financialexpress.com”