Bank of Baroda Q3 result: Net profit jumps 75% to Rs 3,853 crore

Bank of Baroda has hiked marginal cost of funds based lending rate (MCLR) by up to 35 bps across tenors. The rate hike will be effective from January 12.

Bank of Baroda on February 3 reported a net profit of Rs 3,852.74 crore for the December quarter, a 75 percent year-on-year increase that was helped by strong net interest income growth.

The public sector lender’s interest income rose to Rs 2,3540.14 crore from Rs 17,963 crore a year ago.

The net interest income rose 26.5 percent to Rs 10,818 crore for the three months ended December. This comes on the back of a robust loan growth of 19.7 percent and an improvement in net interest margins as well.

Provisions declined 4 percent to Rs 2,403.93 crore for the quarter ended December 31, 2022. In the same period of the previous year, the bank’s provisions totaled Rs 2507 crore.

Together with healthy NII growth and modest provisions, the bank’s operating profit surged 50 percent year-on-year to Rs 8,232.19 crore from Rs 5,483.33 crore a year ago.