Bank of Baroda (BOB) reported standalone third quarter net profit more than doubled to ₹2,197 crore, compared with 1,061 crore recorded a year earlier.
Net interest income grew 14.4% to ₹8,552 crore.
Gross NPAs (GNPA) dipped to ₹55,997 crore from ₹63,182 crore while the GNPA ratio improved to 7.25% from 8.48%.
The net NPA ratio declined to 2.25% from 2.39%, the bank said. The bank had total provisions of ₹2,506 crore compared with ₹3,450 crore. Of these, provisions for bad debt written off was ₹4,283 crore (₹2,080 crore).
BoB said its retail advances portfolio expanded 11.1% and the net interest margin improved by 36 basis points (bps) to 3.13% Return on equity rose 525 bps to 14.4%.
Domestic advances grew 3.36% to ₹6,54,315 crore. Domestic deposits increased 5% to ₹8,76,555 crore.
The growth in the retail loan portfolio was led by a 46.4% expansion in personal loans. Auto loans climbed 20.5% while education loans grew 13.9%, the bank said.
The agriculture loan portfolio grew 9.58% to ₹1,05,694 crore. The MSME portfolio increased to ₹92,668 crore, up 2.39%. On a consolidated basis, net profit stood at ₹2,464 crore compared with ₹1,196 crore a year earlier.
