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Business EconomyPosted at: Oct 29 2020 5:50PM


Bank of Baroda reports net profit of Rs 1,679 cr

Kolkata, Oct 29 (UNI) Bank of Baroda on Thursday reported a standalone net profit of
Rs 1,679 crore for July-September quarter (Q2FY21) on the back of lower provisons.
On a consolidated basis, profit was Rs 1,771.22 crore for Q2FY21, as against a net l
oss of Rs 678.71 crore in the June quarter. In the year-ago period, however, consolidated
net profit stood at Rs 853.41 crore
Bank of Baroda has announced its results for the Quarter ended September 30, 2020,
following the approval of its Board of Directors on October 29, 2020.
Organic Retail and Agriculture loans grew at 16.8% and 16.5% respectively.
Retail sanctions and disbursements in Q2 are at 119% of last year’s level compared
with 37% in Q1 indicating normalization of activity.
Fee income is also higher YoY and QoQ. Domestic CASA momentum continues with
CASA ratio up by 190 bps YoY to 39.78%. Bank continues to prudently increase
provisions with PCR now at 85.35% from 77.88% as of Sep’19.
Operating Profit for Q2FY’21 is INR 5,552 crore registering an increase of 4% YoY
and 28% QoQ. NII stood at Rs 7,508 crore, an increase of 6.8% YoY and 10.2% QoQ.
Global advances increased by 5.3% led by domestic organic retail and agriculture
loans which grew by 16.81% and 16.52% respectively. Auto loans increased by 34.8%
YoY.
Retail sanctions and disbursements in Q2FY21 are at 119% of last year’s level
compared with 37% in Q1FY21 indicating a broad normalization of economic activity.
Fee Income increased by 3.9% YoY and 22.2% QoQ. Trading gains up by 6.8% YoY
and 85.9% QoQ. Trading gains were at INR 1,006 crore in Q2. Recovery from TWO
stood at Rs 341 crore in Q2FY21 as against Rs 94 crore in Q1FY21.
Domestic CASA ratio increased to 39.78%, up by 190 bps YoY. Domestic cost of
deposits in Q2FY’21 is lower at 4.42%, a decline of 53bps QoQ.
Domestic margins (NIM) increased to 2.96% in Q2FY’21 compared with 2.63% in
Q1FY21. Global NIM at 2.86% compared with 2.55% in Q1.
Gross NPA ratio stood at 9.14% as on Sep 30, 2020 against 10.25% as on
Sep 30, 2019. Net NPA ratio to 2.51% as against 3.91% as on Sep 30, 2019.
PCR has increased to 85.35 % as on Sep 30, 2020 compared with 77.88 % as
on Sep 30, 2019 (83.3 % as on Jun 30, 2020). Covid-19 related provision stood
at Rs 1,748 crore.
Bank reported a Net Profit of Rs 1,679 crore as on Sep 30, 2020 on a standalone
basis and consolidated Net Profit is at Rs 1,771 crore.
Capital adequacy (CRAR) stands at 13.26% with CET-1 at 9.21% on a standalone
basis and for the consolidated entity it stands at 14.00% and 10.05% respectively.
IT Integration of eVB for all 2,128 branches and 3 pilot eDB branches completed
successfully; 1,100 Branches and 503 ATM rationalised.
Its Interim Order dated September 3, 2020, the Supreme Court of India has directed
that accounts which were not declared as NPA till August 31, 2020 shall not be declared
as NPA till further orders.
Pending disposal of the case in SC, the Bank as a matter of prudence has made a
contingent provision of Rs.19520 Lakh in respect of such accounts that were not
classified as NPA.
Further, In respect of above accounts, interest income aggregating Rs. 9792 Lakh
has been reckoned in operating profit and as prudent measure an equal amount has
been made as additional provision against those Assets.
Total additional provision as on 30.09.2020 is Rs. 29312 lakh. If the Bank would
have classified the said borrower accounts as NPA, the Gross and Net NPA ratio
would have been 9.33% and 2.67% respectively.
UNI BM
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