Bank of Baroda has posted a profit of 24.4 per cent in the September quarter. Its net profit increased to Rs 2088 crore in this quarter. This increase in the profit of the bank has been due to recovery from the written off accounts, apart from strong non-interest income. In the second quarter of the financial year 2020-21, the bank had a profit of Rs 1679 crore. In the June quarter (2020-21), the bank had a net profit of 1209 crores.
Increase in bank deposits
The net interest income of the bank grew by 2 per cent to Rs 7,566 crore in the second quarter, from Rs 7,508 crore in the September quarter of the previous financial year (2020-21). The net interest margin (NIM) of the bank also increased to 2.85 per cent in the second quarter, from 2.78 per cent in the September quarter of the previous financial year. The provision coverage ratio of the bank stood at 83.43 per cent in the September quarter. The bank’s deposits also increased and it reached Rs 9.59 lakh crore in September. In this, there was an increase of 0.54 percent as compared to the September quarter of the financial year 2020-21, CASA also increased and it increased to 41.7 percent. It was 36.71 percent in the September quarter of the financial year 2020-21.
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decrease in NPAs
On a quarterly basis, the asset quality of the bank is also showing improvement. Gross non-performing asset (NPA) against gross advance declined to 8.1 per cent from 8.86 per cent in the June quarter. The gross NPA of the bank came down to Rs 59,504 crore in the September quarter, from Rs 65,698 crore in the September quarter of the previous financial year. The net NPA of the bank came down to 2.8 percent against gross advance, which was 3.03 percent in its previous quarter i.e. June quarter. However, the stock market did not give importance to the shares of Bank of Baroda on Wednesday. On Wednesday, its shares closed down 4.65 per cent at Rs 101.40.
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