Tag: standalone net

Bank of Baroda reports 24% year-on-year rise in Q2 standalone net

Banking & Finance

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Bank of Baroda (BoB) reported a 24 per cent year-on-year (YoY) increase in second quarter standalone net profit to ₹2,088 crore from ₹1,679 crore in the year-ago quarter on robust growth in non-interest income.

Net interest income (difference between interest earned and interest expended) edged up 2 per cent YoY to ₹7,566 crore (₹7,410 crore in the year ago quarter).

Non-interest income, including commission-exchange-brokerage, forex income, trading gains, and recovery from technically written-off accounts rose 23 per cent YoY to ₹3,579 crore (₹2,910 crore).

NPAs improve

For the reporting quarter, the public sector bank made provisions of ₹2,600 crore towards non-performing assets (NPAs) and bad debts written-off, up 14 per cent YoY from ₹2,277 crore in the year ago period.

Fresh slippages were a tad higher at ₹5,223 crore (₹5,129 crore). Reduction in NPAs via recovery, upgrdation and write-offs was at ₹9,327 crore (₹9,836 crore).

Also see: Bank of Baroda signs MoU with NCDEX e-Markets

Gross NPA position improved to 8.11 per cent of gross advances as at September-end 2021 against 8.86 per cent in the preceding quarter. Net NPA position too improved to 2.83 per cent of net advances from 3.03 per cent.

Domestic gross advances grew 2.99 per cent YoY to ₹6,23,368 crore. This came mainly on the back of growth in retail (auto, personal, gold, education and home loans), agriculture and MSME advances. Overseas gross advances declined 2.68 per cent YoY to ₹1,10,665 crore.

Also see: Banks make higher-than-required provisions for Srei Group exposure

Domestic deposits increased by 3.43 per cent YoY to ₹8,64,603 crore. Overseas deposits declined 19.90 per cent YoY to ₹94,881 crore

BoB’s second quarter consolidated net profit increased by about 22 per cent YoY to ₹2,168 crore (₹1,771 crore).

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STFC reports 13% y-o-y increase in Q2 standalone net

Banking & Finance

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Shriram Transport Finance Company (STFC) reported a 13 per cent year-on-year increase in second quarter standalone net profit at ₹771.24 crores against ₹684.56 crores in the year-ago period.

The Board declared an interim dividend of ₹8 (80 per cent) per share of face value of ₹10 each fully paid up for FY22.

Net interest income was up about 8 per cent y-o-y at ₹2,193 crore (against ₹2,025 crore).

Also see: Govt approves rules for automated testing stations for vehicles

Assets under management of STFC, a leading player in the pre-owned commercial vehicle financing segment, increased by about 7 per cent to ₹1,21,647 crore by September-end, mainly on the back of growth in used vehicles financing portfolio.

However, there was a de-growth in the new vehicles, business loans and working capital loans portfolio.

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Gross stage 3 (credit impaired) assets position improved to 7.82 per cent of gross advances by September-end against 8.18 per cent at June-end 2021. However, gross stage 3 assets in the reporting quarter were higher vis-a-vis 6.50 per cent a year ago.

Net stage 3 assets position too improved to 4.18 per cent of net advances by the end of Q2FY22 against 4.74 per cent in the previous quarter but up from 3.69 per cent a year ago.

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