State-owned Bank of Baroda on June 27 said its board of directors has approved raising up to Rs 5,000 crore in the financial year 2022-23.

"We advise that Board of Directors in their meeting held today has approved the proposal of Raising of Long term Bonds for the financing of Infrastructure & Affordable Housing to the tune of Rs 5000.00 crores in single or multiple tranches during Financial Year 2022-23," the filing said.

These bonds shall be senior, unsecured, and will not form part of the capital of the bank, the lender said in an exchange filing.

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In the quarter ended March 2022, the Bank of Baroda reported a net profit of Rs 1,779 crore. The total income during the January-March period of 2021-22, was down at Rs 20,695.90 crore, against Rs 21,501.94 crore in the same period of 2020-21.

For the full financial year 2021-22, the bank reported a net profit of Rs 7,272.28 crore, a multi-fold jump from Rs 828.95 crore in 2020-21. Total income during the year, however, fell to Rs 81,364.73 crore from Rs 83,429 crore a year ago. Net interest margin (NIM) for Q4FY22 was 3.08 percent, an increase of 36 bps compared to Q4FY21, it added.

On the asset quality, the lender witnessed an improvement with the gross non-performing assets (NPAs or bad loans) falling to 6.61 percent of the gross advances by end of March 2022, from 8.87 percent by end of March 2021.

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Shares of Bank of Baroda ended at Rs 99.95, up by Rs 16.20, or 19.34 percent on the BSE.

(Edited by : Shoma Bhattacharjee)