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Bank of Baroda on Saturday reported a net profit at Rs 1,209 crore in the April to June quarter on the back of 16 percent growth in net interest income to Rs 7,892 crore.

In the January to March quarter (Q4 FY21), it had reported a standalone net loss of Rs 1,047 crore.
Operating profit in Q1 FY22 increased by 41 percent to Rs 5,707 crore. Cost to income ratio fell to 47.45 percent, a decline of 574 basis points over the previous year.

The bank said gross NPA position improved to 8.86 percent from 9.39 percent in the same period last year. The capital adequacy ratio increased to 15.4 percent.

Global net interest margin exceeded 3 percent at 3.04 percent. The domestic net interest margin was at 3.12 percent.

The bank said it reoriented its loan book to high yield segments. Organic retail loans increased by 11.8 percent YoY. Within retail loans, auto loans increased by 25 percent, and personal loans grew by 19.5 percent.

Gold loans increased by 37.7 percent. The bank also brought down its cost of deposits significantly by 103 basis points to 3.92 percent.

CASA deposits increased by 12.7 percent YoY with the domestic CASA ratio increasing to 43.21 percent from
39.49 percent last year, marking an increase of 372 basis points.

Bank of Baroda is one of India’s largest banks with 8,292 branches and 11,637 ATMs and cash recyclers supported by self-service channels. It has a significant international presence with a network of 96 overseas offices spanning 19 countries.