Bank of Baroda announces Financial Results for the Quarter ended 31st December 2022
· Bank of Baroda (BOB) achieved a total business of INR 20,73,385 crore as of 31st December 2022, registering a growth of 18.5% YoY
· Bank of Baroda (BOB) declares highest ever quarterly Net profit of INR 3,853 crore for Q3FY23 up by 75.4% YoY
· Net profit in (9MFY23) stood at INR 9,334 crore registering a strong YoY growth of 69.9%
· Net Interest Income (NII) grew by 26.5% & 24.2% for Q3FY23 & 9MFY23 respectively.
· Operating profit grew by 50.1% YoY in Q3FY23 to INR 8,232 crore
· Credit cost at a record low of 0.37% for Q3FY23 & 0.66% for 9MFY23
· Global Advances registered a strong YoY growth of 19.7% in Q3FY23
· Organic Retail Advances grew by 29.4%, led by growth in high focus areas such as Auto Loan (27.5%), Home Loan (19.6%), Personal Loan (169.6%), Mortgage Loan (20.5%), Education Loan (24.1%)
· GNPA at 4.53% a reduction of 272 bps YoY and 78 bps QoQ
· NNPA at 0.99% a reduction of 126 bps YoY and 17 bps QoQ
· Provision coverage ratio (PCR) at a high of 92.34% with TWO & at 78.85% without TWO
· Net Interest Margins (NIM) stands at 3.37% in Q3FY23 and 3.23% for 9MFY23, increase of 24 bps YoY for the quarter and 22 bps for 9M
· Domestic NIM increases by 33 bps YoY to reach 3.54% for Q3FY23, it stands at 3.35% for 9MFY23, up by 27 bps YoY
· Return on Assets (RoA) for 9MFY23 improves by 31 bps YoY to 0.93%; RoA for Q3FY23 improves by 39 bps YoY to 1.13%
· Return on Equity (RoE) for 9MFY23 increases by 504 bps YoY to 17.02%; RoE for Q3FY23 increases by 671 bps YoY to 21.08%
· LCR (consolidated) stands at 143.78% in Dec’22
· BOB is now India’s 2nd largest Public Sector Bank as per total business*
*Total Business is a sum of total deposits and total advances
- Global Advances of the Bank increased to INR 9,23,878 crore, +19.7% YoY.
- Domestic Advances of the Bank increased to INR 7,60,249 crore, +16.2% YoY.
- International advances grew by 4.4% sequentially in Q3FY23 as against 8.6% in Q2FY23 and stands at INR 1,63,629 crore.
- Global Deposits increased by 17.5% YoY to INR 11,49,507 crore.
- Domestic Deposits increased by 14.5% YoY to INR 10,03,737 crore in Dec’22.
- International Deposits grew by 43.6% on a YoY basis to INR 1,45,770 crore in Dec’22.
- Domestic CASA registered a growth of 7.6% YoY and stands at INR 4,17,812 crore with Domestic Savings accounts deposits registering a growth of 9.2% on a YoY basis in Dec’22.
- Organic Retail Advances grew by 29.4%, led by growth in high focus areas such as Auto Loan (27.5%), Home Loan (19.6%), Personal Loan (169.6%), Mortgage Loan (20.5%), Education Loan (24.1%) on a YoY basis.
- Agriculture loan portfolio grew by 12.8% YoY to INR 1,19,197 crore.
- Total Gold loan portfolio (including retail and agri.) stands at INR 35,134 crore, registering a growth of 29.8% on a YoY basis.
- Organic MSME portfolio grew by 11.1% YoY to INR 1,03,003 crore.
- Net Interest Income (NII) grew by 26.5% YoY to INR 10,818 crore in Q3FY23. NII registered a growth of 24.2% YoY for 9MFY23 and stands at INR 29,831 crore.
- Fee based Income for the quarter increased by 9.4% to INR 1,539 crore. It stands at INR 4,332 crore for 9MFY23 with a growth of 12.2% YoY.
- Operating Income for Q3FY23 stands at INR 14,370 crore, increase of 29.8% YoY.
- Yield on Advances increased to 7.78% in Q3FY23 as against 6.92% in Q3FY22.
- Cost of Deposits stands at 4.01% in Q3FY23 as against 3.50% in Q3FY22.
- Cost to Income ratio declined to 42.71% for Q3FY23 as against 50.47% for Q3FY22.
- Operating Profit for Q3FY23 stands at INR 8,232 crore, increase of 50.1% on a YoY basis. Operating Profit for 9MFY23 stands at INR 18,791 crore up by 12.2% YoY.
- Bank reported a standalone Net Profit of INR 3,853 crore in Q3FY23 as against a profit of INR 2,197 crore in Q3FY22.
- Global NIM stands at 3.37% in Q3FY23, increase of 24 bps YoY. NIM for 9MFY23 stands at 3.23% against 3.01% for 9MFY22.
- Return on Assets (annualised) improved to 1.13% in Q3FY23 from 0.74% in Q3FY22. Return on Assets for 9MFY23 stands at 0.93%.
- Return on Equity (annualised) for 9MFY23 increased by 504 bps YoY to 17.02%.
- For the consolidated entity, Net Profit stood at INR 4,306 crore in Q3FY23 as against INR 2,464 crore in Q3FY22.
- The Gross NPA of the Bank reduced by 25.3% YoY to INR 41,858 crore in Q3FY23 and Gross NPA Ratio improved to 4.53% in Q3FY23 from 7.25% in Q3FY22.
- The Net NPA Ratio of the Bank improved to 0.99% in Q3FY23 as compared with 2.25% in Q3FY22.
- The Provision Coverage Ratio of the Bank stood at 92.34% including TWO and 78.85% excluding TWO in Q3FY23.
- Slippage ratio declined to 1.05% for Q3FY23 as against 1.68% in Q3FY22. Slippage ratio of 9MFY23 improved by 72 bps and stands at 1.22%.
- Credit cost for the Q3FY23 stands at 0.37%.
- CRAR of the Bank stands at 14.93% in Dec’22. Tier-I stood at 12.62% (CET-1 at 10.83%, AT1 at 1.79%) and Tier-II stood at 2.31% as of Dec’22.
- The CRAR and CET-1 of consolidated entity stands at 15.44% and 11.45% respectively
|Particulars (INR crore)||Dec 31 2021||Sep 30, 2022||Dec 31, 2022||YoY (%)|
|Of which, retail loan portfolio (Organic)||1,28,960||1,58,506||1,66,861||29.4|
|NIM Global %||3.13||3.33||3.37||24 bps|
Financial result for Quarter ended 31st December 2022
|Particulars (INR crore)||Q3FY22||Q2FY23||Q3FY23||YoY(%)|
|Net Interest Income (NII)||8,552||10,174||10,818||26.5|
|Total Provisions (other than tax) and contingencies||2,506||1,628||2,404||-4.1|
|of which, Provision for NPA Bad Debts Written-off||4,283||1,654||817||-80.9|
|Profit before Tax||2,976||4,403||5,828||95.8|
|Provision for Tax||779||1,090||1,976||—|
|Particulars||Dec 31 2021||Sep 30, 2022||Dec 31, 2022|
|Gross NPA (%)||7.25||5.31||4.53|
|Net NPA (%)||2.25||1.16||0.99|
|PCR (with TWO) (%)||85.95||91.73||92.34|