Bank of Baroda announced its audited results for the Q1 FY 18, following the approval of its Board of Directors on August 11, 2017.
The Bank’s Total Business stood at INR 9,48,215 crore as at June 30, 2017 up by 2.52% from INR 9,24,940 crore as at June 30, 2016.
Total Deposits stood at INR 5,70,608 crore as at June 30, 2017 as against INR 5,62,174 crore as at June 30, 2016. Corresponding figures for Average Deposits (based on daily averages) were INR 5,80,764 crore and INR 5,57,817 crore respectively.
Domestic Deposits stood at INR 4,35,364 crore as at June 30, 2017 up by 10.66% from INR 3,93,409 crore as at June 30, 2016.
Percentage of CASA deposits to total domestic deposits as at June 30, 2017 was 38.77% up from 33.83% as at June 30, 2016.
Total Advances (Net) at INR 3,77,607 crore as at June 30, 2017 increased by 4.09% from INR 3,62,766 crore as at June 30, 2016. Domestic advances (net) grew by 8.67% to INR 2,72,369 crore as at June 30, 2017 from INR 2,50,631 crore as at June 30, 2016.
The Bank’s International Business contributed 25.36% to the Bank’s Total Business against 27.14% as at Mar 31, 2017.
The Bank’s Total Income at INR 12,104 crore in Q1 FY 18 increased by 1.90% y-o-y. Net Interest Income stood at INR 3,405 crore up by 0.98% y-o-y. Other Income increased by 7.41% on y-o-y basis to INR 1,551 crore.
The Bank’s Total Expenses stood at INR 9,456 crore in Q1 FY 18. The interest expenses stood at INR 7,148 crore.
The Bank’s Operating Profit was INR 2,648 crore in Q1 FY 18. The Bank posted a Net Profit of INR 203 crore for Q1 FY 18.
NET INTEREST MARGIN
The Net Interest Margin (NIM) for Domestic operations stood at 2.48% while NIM for Global operations stood at 2.12% for Q1 FY18.
Gross NPA (GNPA) of the Bank stood at INR 46,173 crore as on June 30, 2017 as compared to INR 42,719 crore as at March 31, 2017. Gross NPA ratio and Net NPA ratios stood at 11.40% and 5.17% respectively as at June 30, 2017.
Total Restructured Standard Assets of the Bank were INR 11,819 crore as at June 30, 2017. The total Stressed Assets (GNPA + Restructured Standard Assets) were 14.32% of the Gross Advances.
PROVISIONS AND CONTINGENCIES
Provisions and Contingencies (excluding tax provisions) made by the Bank stood at INR 2,368 crore in Q1 FY 18. Provisions against NPAs/ Bad Debts written off were INR 2,157 crore in Q1 FY 18. Provision for tax was INR 77 crore.
The Provision Coverage Ratio (PCR) stood at 66.28% as at June 30, 2017. PCR excluding TWO improved consistently during last 4 quarters and stood at 57.73% as at June 30, 2017.
The CRAR on standalone basis (Basel III) is 11.81% as at June 30, 2017. Out of this, the Tier 1 capital was 9.77% and CET 1 Capital was 8.83%.
TRANSFORMATION OF THE BANK
The execution of various strategic initiatives continues to be underway as part of Project Navoday – the Bank’s comprehensive business transformation that seeks to deliver a differentiated world-class customer experience enabled by an energized and engaged team.
The transformation journey aims at improved market share, quality business growth, portfolio diversification and enhanced fee income, with cutting edge digitization of processes, while ensuring due focus is accorded to compliance and controls.
The Bank is expanding the network of cashless digital villages across the country. The Bank is also expanding the presence of digital portable branches.
The execution of Project WeLead – a comprehensive leadership development program anchored on behavioural competencies, is underway across four parallel tracks, which cover high-potential talent at every level in the Bank.
The Bank is also progressing on the strengthening of the performance management system as part of ‘Sparsh Plus’, aided by the best-in-class technology and digital tools. The Bank has unveiled its core values on the occasion of the 110th Foundation Day on July 20, 2017.
In summary, the Bank’s transformation journey is aimed at enhancing shareholder value by focusing on increasing customer and employee satisfaction.
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