Bank of Baroda stock price up by 6%

3 Feb 2023 , 02:57 AM

Bank of Baroda Limited announced its results for the quarter ended December 2022. The company has posted highest-ever quarterly net profit of Rs3,853 crore in Q3FY23, registering a y-o-y growth of 75.40% against Rs2,197 crore in Q3FY22.

The bank achieved a total business of Rs20,73,385 crore as of December 2022, clocking a substantial growth of 18.5% yoy.

Bank’s Net interest income during the quarter registered a growth of 26.5% at Rs10,818 crore in Q3FY23, compared to Rs8,552 crore in the previous corresponding quarter. It reported a 50.10% yoy growth in its operating profit during the quarter at Rs8,232 crore.

The bank’s gross NPA decreased by 25.3% year on year to Rs41,858 crore in Q3FY23, and the gross NPA ratio improved to 4.53% in Q3FY23 from 7.25% in Q3FY22. Net NPA Ratio improved to 0.99% in Q3FY23 from 2.25% in Q3FY22.

In December 2022, the bank’s CRAR is 14.93%. Tier-I stood at 12.62% (CET-1 at 10.83%, AT1 at 1.79%) in December’22, and Tier-II stood at 2.31%.

Following the earnings release, the bank’s counter jumped to an intraday high of Rs164.35. At around 2.55 PM, Bank of Baroda was trading 6.10% higher at Rs163.45, against the previous close of Rs154.05 on NSE.

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