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Bank of Baroda on Saturday reported that its standalone net profit for the third quarter of FY22 doubled on a year-on-year basis.

Accordingly, the net profit rose to Rs 2,197 crore from Rs 1,061 crore during the corresponding period of the previous fiscal.

The lending major's net interest income grew by 14.38 per cent to Rs 8,552 crore during the quarter ended December 31, 2021, compared to Rs 7,477 crore in the corresponding period of the previous fiscal.

The consolidated net profit stood at Rs 2,464 crore in Q3FY22 as against Rs 1,196 crore in Q3FY21.

The bank's gross NPA reduced to Rs 55,997 crore in Q3FY22 from Rs 63,182 crore in Q3FY21, while its gross NPA ratio improved to 7.25 per cent in Q3FY22 from 8.48 per cent in Q3FY21.

The net NPA ratio of the bank improved to 2.25 per cent in Q3FY22 as compared to 2.83 per cent in Q2FY22.