Bank of Baroda Q3 Results: Net profit doubles to Rs 2,197 cr

State-owned Bank of Baroda on Saturday reported doubling of its net profit to Rs 2,197 crore on a standalone basis in the quarter ended in December 2021.

The lender had posted a net profit of Rs 1,061 crore in the same quarter a year ago.

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Total income during the third quarter of 2021-22 rose to Rs 20,482.26 crore as against Rs 20,407.45 crore in Q3FY21, Bank of Baroda said in a regulatory filing.

Interest income rose to Rs 17,963 crore in the quarter under review from Rs 17,496.71 crore in the year-ago quarter.

The bank witnessed improvement in its bad loan ratio, with the gross non-performing assets (NPAs) falling to 7.25 per cent of the gross advances as of December 31, 2021 from 8.48 per cent by end of December

2020.Net NPAs came down to 2.25 per cent from 2.39 per cent.

Provisions for bad loans and contingencies fell to Rs 2,507 crore for quarter ended December 2021 as against Rs 3,449.90 crore in the year-ago quarter.

On a consolidated basis, the net profit during October-December 2021-22 rose to Rs 2,463.75 crore, up from Rs 1,195.96 crore in year ago period. Income increased to Rs 22,072.99 crore from Rs 21,815.76 crore.