Akash Jha
The public sector lender Bank of Baroda announced on August 5 an increase in net profit of 87.7 percent to Rs 4,070 crore for the April-June FY24 quarter, up from Rs 2,168 crore during the same period in the previous fiscal year.
The net profit of Bank of Baroda was anticipated to increase by 86.5 percent year on year, to a total of Rs 4044.3 crore, according to the average of two brokerage estimates compiled by Moneypoise. The lending institution outperformed the market’s forecasts.
The bank’s gross non-performing assets dropped to 3.51 percent, a significant improvement from the 6.26 percent recorded the previous year.
Asset quality improved
Gross Non-Performing Assets of the Bank decreased by 33.8 percent year-over-year to Rs 34,832 crore in Q1FY24, while the Gross NPA Ratio improved from 6.26 percent in Q1FY23 to 3.51 percent in Q1FY24.
In Q1FY24, the BOB’s Net NPA Ratio has reached a record low of 0.78 percent, down from 1.58 percent in Q1FY23.
However, during Q1FY24, the Slippage ratio decreased to 1.05 percent from 1.71 percent in Q1FY23.
Domestic CASA deposits grew by 5.5% year-over-year to a total of Rs 4,23,600 crore. Auto Loans increase by 22,1 percent, Home Loans by 18,4 percent, Personal Loans by 82,9 percent, Mortgage Loans by 15,8 percent, and Education Loans by 20,8 percent year over year.
However, the Agriculture loan portfolio grew by 15.1% YoY to Rs 1,27,583 crore, and the total Gold loan portfolio, including retail and agri., now stands at Rs 40,652 crore, a YoY increase of 32.1%.
Bank of Baroda has a domestic presence of 8,205 branches and 10,459 ATMs and Cash Recyclers supported by self-service channels, as well as an international presence of 93 offices in 17 countries.
The BSE’s closing price for BOB shares on August 5 was Rs 191.35, down 1.95 percent from the previous day’s close.
Also Read : Will Yatharth Hospital debut with decent double-digit premium on August 7?
