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Public bank Bank of Baroda has reported a profit of Rs 1,779 crores for the quarter ended in March 2022 against a loss of Rs 1,047 crores reported in the corresponding quarter last year as asset quality showed significant improvement.
The net Interest Income of the bank grew 21%, from Rs 7,107 crores last year to Rs 8,612 crores, as Net Interest Margin improved to 3.08%. The Gross NPA ratio improved from 8.87% to 6.61% while the Net NPA ratio showed similar improvement and declined to 1.72% as the bank's asset quality showed robust improvement. Fresh slippages for the quarter in question stood at Rs 4,514 crores while it recovered Rs 2,136 crores from bad loans.
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For the year ended on 31st March 2022, the bank reported a profit of Rs 7,272 crores against Rs 829 crores reported for the last financial year, growing 8.77x times. Domestic advances of the bank increased by 6.7 percent to Rs 6,84,153 crore as of March 31, 2022, from Rs 6,41,076 crore as of March 31, 2021.
Retail loan portfolio grew by 16.8 percent led by growth in personal loan portfolio by 108.1 percent, auto loan by 19.5%, and education loan by 16.7% on a YoY basis. The agriculture loan portfolio grew by 10.3 percent y-o-y to Rs 1,09,796 crore and the MSME portfolio increased by 5.4 percent y-o-y to Rs 96,863 crore. Corporate advances rose by 3.1 percent to Rs 3,00,693 crore as of March 31, 2022.
"The year went as per the guidance we gave at the beginning of the year. Our thought was that we should grow as per market and also protect our margins because liquidity was abundant and corporate lending was under pressure in terms of pricing. We have grown our loan book by about 8.9 percent during the year," Sanjiv Chadha, MD & CEO of the bank said.
The stock of the bank has been declining since mid-April as it fell through Rs 100 per share on Thursday. The stock closed at Rs 95 per share on Friday, marking a 20.5% decline in 3 weeks.
Article by Aman Agarwal.
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