Bank of Baroda (BoB) on Friday reported 75 per cent surge in standalone net profit at Rs 3,853 crore for the third quarter ended December 31, 2022 as bad loans declined.

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The state-owned bank had earned a net profit of Rs 2,197 crore in the year-ago period.

Total income during October-December 2022 increased to Rs 27,092 crore as against Rs 20,482 crore in the year-ago period, BoB said in a regulatory filing.

During the quarter, interest income increased to Rs 23,540 crore as against Rs 17,963 crore in the same period a year ago.

On the asset quality front, the bank recorded an improvement with gross NPAs (Non-Performing Assets) declining to 4.53 per cent as compared to 7.25 per cent at the end of the third quarter of 2021-22.

At the same time, net NPAs eased to 0.99 per cent as against 2.25 per cent in the same period a year ago.

As a result, provisions (other than tax) and contingencies declined to Rs 2,404 crore during the quarter from Rs 2,507 crore a year ago.

BoB shares jumped 6 per cent in the intraday trade and were trading at Rs 163 on the NSE. 

Inputs from PTI