State-owned Bank of Baroda on Saturday announced doubling of its net profit to Rs 2,197 crore on a consolidated basis in the last quarter that ended in December 2021. The lender had witnessed a net profit of Rs 1,061 crore in the Q3 in the last fiscal.
Total revenue during the third quarter of 2021-22 surged to Rs 20,482.26 crore in comparison to Rs 20,407.45 crore in Q3FY21, Bank of Baroda told in a regulatory filing. Interest income increased up to Rs 17,963 crore in the quarter under analysis from Rs 17,496.71 crore in the year-ago quarter.
The bank observed growth in its bad-loan ratio, with the gross non-performing assets (NPAs) plunging to 7.25 per cent of the entire advances as of December 31, 2021, from 8.48 per cent by end of December 2020. Net NPAs declined to 2.25 percent from 2.39 percent.
Conditions for bad loans and contingencies drop down to Rs 2,507 crore for the quarter ended December 2021 in comparison to Rs 3,449.90 crore in the year-ago quarter.
On a standalone basis, the net profit during October-December 2021-22 increased up to Rs 2,463.75 crore, surging from Rs 1,195.96 crore in the year-ago period. Income rose to Rs 22,072.99 crore from Rs 21,815.76 crore.
