Bank of Baroda on July 30 reported a massive 79.4 percent on-year growth in standalone profit at Rs 2,168 crore for the quarter ended June 2022, despite fall in other income and pre-provision operating profit.
The significant decline in bad loans provisions aided the bottomline. Net interest income during the June quarter grew by 12 percent to Rs 8,838.4 crore compared to year-ago period, with credit growth at 18 percent and 10.9 percent YoY increase in global deposits.
Total contingencies and provisions fell sharply by 58% (YoY) to Rs 1,684.80 crore for the quarter ended June 2022 and the sequential decline was 55 percent, while bad loans provisions dropped by 39 percent YoY to Rs 1,560 crore for the quarter.