Bank of Baroda Ltd announces financial results for Q1FY2021

Bank of Baroda Ltd has announced the financial results for the period ended June 30, 2020 (Q1FY2021).

Highlights

- Operating Profit for Q1FY'21 is INR 4,320 crore. NII increased by 4.93% YoY to Rs 6,816 crore. Within the non-interest earnings, Trading gains up by 60.06% YoY.

- Global advances increased by 8.6% led by international, domestic organic retail and corporate loans which grew by 13.93%, 13.5% and 9.16% respectively.

- Domestic CASA ratio increased to 39.49%, higher by 294bps YoY. Retail term deposits increased by 10.4% YoY. Cost of deposits in Q1FY'21 is lower by 53 bps YoY at 4.95%.

- Global NIM during Q1FY'21 stood at 2.55% and domestic NIM stood at 2.63% compared with 2.62% and 2.73% respectively during the same period of previous financial year.

- Global and Domestic credit deposit ratio increased to 83.45% and 80.86% as on June 30, 2020 from 79.87% and 77.38% as on June 30, 2019 respectively.

- Gross NPA ratio fell to 9.39% as on June 30, 2020 against 10.28% as on June 30, 2019. Net NPA ratio to 2.83% as against 3.95 % as on June 30, 2019.

- Slippage ratio fell to 1.64% in Q1FY'21 compared with 3.56% in Q1FY'20. Domestic slippage ratio in Q1FY'21 is 0.45%.

- PCR continues to be high. PCR including TWO at 83.30% as on June 30, 2020 compared with 77.34 % as on June 30, 2019 (81.33% as on March 31, 2020).

- Amalgamation benefits visible through realization of synergies. Bank has co-located 771 branches and 113 ATMs as of Jun'20. IT integration to be complete by Mar'21.

- On account of provisioning on standard accounts of INR 1,811 crore, Bank reported a Net Loss of INR 864 crore in Q1FY'21 and Consolidated Net Loss stood at INR 679 crore.

Advances growth at 8.6% with organic retail loans growing at 13.5%. Domestic CASA ratio increased by 294 bps YoY to 39.49%. Domestic Retail term deposits increased by 10.4%. Asset quality improved with Net NPA ratio at 2.83% from 3.95% last year. PCR at 83.3% from 77.34% as of Jun'19. Amalgamation benefits visible through realization of synergies with 99% of estimated synergies for year one realized in first year itself.

Shares of BANK OF BARODA was last trading in BSE at Rs.48.55 as compared to the previous close of Rs. 48.45. The total number of shares traded during the day was 1968441 in over 23213 trades.

The stock hit an intraday high of Rs. 49.2 and intraday low of 47.9. The net turnover during the day was Rs. 95814872.

Source : Equity Bulls

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