Banking & FinanceFinanceInFocus

Bank of Baroda’s Net Profit for Q2FY23 Grows by 58.7% YoY to Touch INR 3,313 Crore

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Key Highlights

  • Net profit in (H1FY23) stood at INR 5,482 crore registering a strong YoY growth of 66.3% 
  • Advances registered a strong YoY growth of 19% in Q2FY23 
  • Organic Retail Advances grew by 28.4%, led by growth in high focus areas such as Home Loan (19%), Personal Loan (172.8%), Auto Loan (29.2%), Education Loan (23.2%)
  • GNPA at 5.31% a reduction of 280 bps YoY and 95 bps QoQ
  • NNPA at 1.16% a reduction of 167 bps YoY in Q2FY23 and 42 bps QoQ 
  • Provision coverage ratio (PCR) at 79.14% w/o TWO
  • Net Interest Margins stands at 3.33% in Q2FY23, increase of 48 bps YoY & 31 bps QoQ
  • Healthy Capital base – CRAR stands at 15.25% in Sep’22

Business Performance

  • Global Advances of the Bank increased to INR 8,73,496 crore, +19% YoY.
  • Domestic Advances of the Bank increased to INR 7,16,737 crore, +15% YoY. 
  • International advances registered a robust growth of 41.7% YoY.
  • Global Deposits increased by 13.6% YoY to INR 10,90,172 crore. 
  • Domestic Deposits increased by 10.9% YoY to INR 9,58,967 crore in Sep’22.
  • International Deposits grew by 38.3% on a YoY basis to INR 1,31,205 crore in Sep’22. 
  • Domestic Current Account Deposits stands at INR 64,873 crore, registering a growth of 7.9% on a YoY basis. 
  • Domestic Savings Bank Deposits grew by 9.4% to INR 3,45,278 crore. Overall Domestic CASA registered a growth of 9.2% on a YoY basis.
  • Organic Retail loan portfolio of the Bank grew by 28.4% led by growth in Personal loan portfolio by 172.8%, Auto loan by 29.2%, Education loan by 23.2%, Home loan by 19% on a YoY basis.
  • Agriculture loan portfolio grew by 14.1% YoY to INR 1,14,964 crore.
  • Total Gold loan portfolio (including retail and agri.) stands at INR 33,502 crore, registering a growth of 27.8% on a YoY basis.
  • Organic MSME portfolio grew by 13.4% YoY to INR 1,01,278 crore. 



  • Net Interest Income grew by 34.5% YoY and 15.1% QoQ to INR 10,714 crore in Q2FY23. It registered a growth of 23% YoY for H1FY23 and stands at INR 19,013 crore.  
  • Fee based Income for the quarter increased by 12.3% to INR 1,515 crore.
  • Operating Income for Q2FY23 stands at INR 12,000 crore, increase of 7.7% YoY.
  • Yield on Advances increased to 7.22% in Q2FY23 as against 6.55% in Q2FY22.  
  • Cost of Deposits stands at 3.59% in Q2FY23 as against 3.52% in Q2FY22.
  • Operating Profit for Q2FY23 stands at INR 6,031 crore, increase of 6.4% on a YoY basis. Operating Profit for H1FY23 stands at INR 10,558 crore.
  • Core Operating Profit (ex-Treasury gains/losses and Interest on IT refund) grew by 44.6% YoY at INR 6,270 Cr in Q2FY23.
  • Bank reported a standalone Net Profit of INR 3,313 crore in Q2FY23 as against a profit of INR 2,088 crore in Q2FY22.
  • Global NIM stands at 3.33% in Q2FY23, increase of 31 bps QoQ. NIM for H1FY23 stands at 3.17% against 3.03% for FY22.
  • Return on Assets (annualised) improved to 1.01% in Q2FY23 from 0.73% in Q2FY22. Return on Assets for H1FY23 stands at 0.84%.
  • Return on Equity (annualised) increased by 554 bps YoY to 19.56% in Q2FY23. Return on Equity for H1FY23 also increased by 511 bps YoY to 16.18%.
  • For the consolidated entity, Net Profit stood at INR 3,400 crore in Q2FY23 as against INR 2,168 crore in Q2FY22.


Asset Quality

  • The Gross NPA of the Bank reduced by 12% QoQ to INR 46,374 crore in Q2FY23 and Gross NPA Ratio improved to 5.31% in Q2FY23 from 6.26% in Q1FY23.
  • The Net NPA Ratio of the Bank improved to 1.16% in Q2FY23 as compared with 1.58% in Q1FY23.
  • The Provision Coverage Ratio of the Bank stood at 91.73% including TWO and 79.14% excluding TWO in Q2FY23.
  • Slippage ratio declined to 1.53% for H1FY23 as against 2.45% in H1FY22.
  • Credit cost for the Q2FY23 stands at 0.79%.

Capital Adequacy


  • CRAR of the Bank stands at 15.25% in Sep’22 from 15.55% in Sep’21. Tier-I stood at 12.81% (CET-1 at 10.95%, AT1 at 1.86%) and Tier-II stood at 2.44% as of Sep’22. 
  • The CRAR and CET-1 of consolidated entity stands at 15.77% and 11.60% respectively


Business position

Particulars (INR crore)Sep 30, 2021Jun 30, 2022Sep 30, 2022YoY (%) 
Domestic deposits8,64,6039,09,0959,58,96710.9
Domestic CASA3,75,7664,01,6224,10,1519.2
Global deposits9,59,48310,32,71410,90,17213.6
Domestic advances6,23,3686,95,4937,16,73715.0
Of which, retail loan portfolio (Organic)1,23,4241,47,5351,58,50628.4
Global advances7,34,0338,39,7858,73,49619.0
NIM Global %2.853.023.3348 bps


Financial result for Quarter ended 30th September 2022


Particulars (INR crore)Q2FY22Q1FY23Q2FY23YoY(%)
Interest Income16,69218,93721,25427.3
Interest Expenses9,12610,09911,08021.4
Fee Income1,3491,2771,51512.3
Net Interest Income (NII)7,5668,83810,17434.5
Operating Income 11,14510,02012,0007.7
Operating Expenses5,4765,4925,9699.0
Operating Profit5,6704,5286,0316.4
Total Provisions (other than tax) and contingencies2,7541,6851,628-40.9
of which, Provision for NPA Bad Debts Written-off2,6001,5601,654-36.4
Profit before Tax2,9162,8434,40351.0
Provision for Tax8286751,09031.6
Net Profit2,0882,1683,31358.7


Key Ratios

ParticularsSep 30, 2021Jun 30, 2022Sep 30, 2022
CRAR (%)15.5515.4615.25
Tier-1 (%)13.2112.9712.81
CET-1 (%)11.3911.2410.95
Gross NPA (%)
Net NPA (%)2.831.581.16
PCR (with TWO) (%)83.4289.3891.73


SMEStreet Edit Desk

SMEStreet Edit Desk is a small group of excited and motivated journalists and editors who are committed to building MSME ecosystem through valuable information and knowledge spread.

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