Bank of Baroda Reports Net profit of Rs. 1,779 crore, Board Recommends Dividend

Bank of Baroda (BOB) today announces its quarterly report saying the bank's Net profit for FY2022 grew 9x to reach Rs. 7,272 crore, from Rs. 829 crore in FY21. The bank has reported a standalone Net Profit of Rs. 1,779 crore in Q4FY22 as against a loss of Rs. 1,047 crore in Q4FY21. The net Interest Income of the bank grew by 21.2% to Rs. 8,612 crore in Q4FY22 and 13.2% YoY to Rs. 32,622 crore in FY22.

Operating Income for FY22 has registered a growth of 5.7% YoY at Rs. 44,106 crore, Cost of Deposits reduced to 3.53% in Q4FY22 as against 3.71% in Q4FY21, and Operating Profit for FY22 stands at Rs. 22,389 crore registering a growth of 5.6% YoY. Fee Income for the year grew by 12.6% YoY at Rs. 6,409 crore and 5.8% YoY for the quarter to Rs. 1,848 crore. Bank of Baroda's NIM for Q4FY22 was 3.08% (an increase of 36 bps compared to Q4FY21), with a healthy capital base - CRAR improved to 15.98% in Mar'22 from 14.99% in Mar'21. Global NIM increased to 3.08% in Q4FY22 from 2.72% in Q4FY21.

The bank's Return on Assets (RoA) improved to 0.60% in FY22 from 0.07% in FY21, and Return on Equity (RoE) increased sharply by 1016 bps YoY to 11.66%. The bank's advances increased by 8.9% YoY in FY22, Organic Retail Advances grew by ~17%, led by growth in high focus areas such as Home Loan (11.3%), Personal Loan (108%), Auto Loan (19.5%), Education Loan (16.7%), Domestic CASA ratio of the bank improved by 137 bps YoY to 44.24%. The NPA status of the bank has also improved. GNPA stood at 6.61% a reduction of 226 bps YoY, and NNPA at 1.72% a reduction of 137 bps YoY in FY22. Provision coverage ratio (PCR) at 75.28% w/o TWO, while Net Interest Margins have improved by 32 bps YoY to 3.03% in FY22.

The Board of Directors of the bank has recommended a dividend of Rs. 1.20 per equity share (60%) for the year ended March 31, 2022 (which is subject to necessary approvals). In the NSE, the last traded price of the bank was Rs. 94.30, on May 13.