Bank of Baroda’s Q4 profit araise marginally to Rs 4,886 Crore

On Friday State-owned Bank of Baroda reported: a marginal 2.3% grow in net profit to Rs 4,886 Crore for the Q4 ending March 2024.
A year before, the bank had earned a net profit of Rs 4,775 Crore in the January-March quarter. Total income during the quarter under review increased to Rs 33,775 Crore from Rs 29,323 Crore in the same period last year, BoB said in a regulatory filing.
Interest income increase to Rs 29,583 Crore during the latest 3 month period from Rs 25,857 Crore in the same quarter a year ago.
In terms of asset quality, the bank’s gross non-performing assets (NPAs) declined from 3.79% at the end of March 2023 to 2.92% of gross advances as of March 31, 2024.
Net NPAs also declined to 0.68% of advances from 0.89% at the end of 2023.
As a result, the provision for bad loans and contingencies downfall to Rs 1,302 Crore, compared to Rs 1,421 Crore during the same quarter a year before.
The bank’s provision coverage ratio at the end of March 2024 stood at 93.30%.
For the financial year ending March 2024, the bank’s net profit increased by 26% to Rs 17,789 Crore, compared to Rs 14,110 Crore in the previous financial year.
The total income of the bank increased to Rs 1,27,101 Crore in FY 2024, from Rs 99,614 Crore in the previous financial year.
The board has recommended a dividend of Rs 7.60 on each fully paid equity share of face value Rs 2 for 2023-24, subject to approval at the upcoming 28th Annual General Meeting.
Capital Adequacy Ratio (CRAR) increased from 16.24% to 16.31% as on March 31, 2023.
The bank’s net interest margin (NIM) at the end of March 2024 was 3.18%.