Bank of Baroda named Ian De Souza as the new Chief Financial Officer, the public sector lender said in the regulatory findings on Thursday. It’s going to replace Subrat Kumar. Kumar joined the bank as CFO in July of this year.
De Souza is a chartered accountant with 23 years of practice in the area of banking and financial services, and experience in planning, cost optimization, sustainability or quality growth, financial regulation, and the application of internal control systems. He has also led the finance functions of numerous banks and financial institutions over the past seven years, including as CFO.
Due to lower provisions, Bank of Baroda reported a net profit of $1,679 crore for the quarter ended on 30 September. During the year, net interest income (NII) rose by 6.8 percent to ~7,508 crores. In the September quarter, the consolidated net profit stood at ~1,771 crores. For the quarter under review, the bank reported an operating profit of 5,552 crores, a rise of 4 percent year-on-year.
Provisions decreased dramatically to 3.001.59 crores on a quarter-on-quarter basis in the September quarter. Of these, the provisions for NPA stood at 2,277.25 million.
Asset quality was increased with total non-performing assets as a result of gross advances dropping to 9.14 percent in Q1FY21 compared to 9.39 percent in the June quarter. Net NPA fell from 2.83 percent quarter-on-quarter to 2.51 percent.
The domestic CASA ratio rose to 39.78 percent, up 190 bps year-on-year. The domestic cost of deposits in Q2FY’21 is lower at 4.42%, a fall of 53bps quarter-on-quarter, the bank said. With CET-1 at 9.21 percent on a standalone basis, capital adequacy (CRAR) stood at 13.26 percent.
