Bank of Baroda reports net profit of Rs 1,209cr in Q1 FY22

Bank of Baroda has reported net profit of INR 1,209 crores for the first quarter of fiscal year 2022 (Q1 FY22), compared to a net loss of INR 864 crores in Q1 FY21.

In the previous quarter, that is Q4 FY21, the Indian government-owned bank suffered a net loss, which was INR 1,047 crores.

The net interest income for Bank of Baroda in Q1 FY22 was INR 7,892 crores, a 15.8% increase, compared to a net interest income of INR 6,816 crores in Q1 FY21.

Bank of Baroda reports net profit of Rs 1,209cr in Q1 FY22. Photo courtesy of baljinder kang/Wikimedia.org.

Its domestic deposits saw a 3% year-over-year (YoY) growth in the reported quarter thanks to a 12.7% YoY surge in domestic current account savings accounts (CASA) deposits.

Established in 1908, Bank of Baroda has nearly 8,200 branches and more than 11,600 ATMs in India.