Bank of Baroda, India’s fourth-largest bank by branches, has posted first quarter net profits of INR8.59bn ($184.7m), up 25.4% from the corresponding period last year.
The standout feature of Bank of Baroda’s first quarter was a 54.2% increase in net interest income to INR18.58bn.
But non-interest income fell by 12.2% from the year ago quarter to INR6.17bn.
In the first quarter, total deposits increased by 28.2% while low cost CASA deposits grew by 27.5%. Bank of Baroda ended the first quarter with a CASA ratio of 35.2%.
The bank’s deposits market share increased by 30 basis points from a year ago to 3.98%; its lending market share was also up, by 21 basis points to 3.93%.
For the full year, Bank of Baroda said it was targeting deposits growth of 20%-22%, lending growth of 22%-24% and a 25% increase in profits.
By the end of the current fiscal year in March, Bank of Baroda said it would expand its current 3,106 branch strong network by a further 383 outlets.