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.

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According to Nirmal Bang, NII should rise 32% year-over-year (up 1.3% Q-o-Q) to Rs. 11,’670.3 crore.

The anticipated increase in PPOP to Rs. 7,249.8 crore is a year-over-year increase of 60.1% (a quarterly decrease of 10.2%).

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Nirmal bang_Banking & NBFC

The post Nirmal Bang: Q1 Net Profit at Bank of Baroda expected to rise 106.1% YoY to Rs. 4,469.2 cr. appeared first on Republic Aeon.

JSW Steel will employ the project, which consists of a 225 MW solar project and a 600 MW wind project, to cover its energy needs. Several assets, including real estate and stock shares, are used to secure the loan.

The legal team at CAM provided assistance to the group of lenders with the structuring, writing, and finalisation of the financing documents.

Additionally, they provided advice regarding the selling of a portion of the debt to the Bank of Maharashtra and the Central Bank of India. The project funding group was led by Ramanuj Kumar and comprised of Aiswarja Mohanty, Shrey Srivastava, Shradha Sharma, Tanvi Ramdas, and Umang Pathak.

Rakesh Punamiya and Vaibhav Deshmukh were members of the legal team that defended JSW Renewable.

According to Anghsuman Roy, assistant manager at Cyril Amarchand Mangaldas, it is crucial in project finance transactions of a similar sort to make sure that clean security is provided over the assets and consents, if any, are recognised upfront.

(CAM) advised a group of lenders led by Bank of Baroda on a INR39.4 billion (USD477 million) loan to JSW Renewable Energy to build an 825MW hybrid power project in Karnataka state.

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According to him, “advice on the establishment of securities include requirements under many laws, including property law, stamp law, registration law, contract law, etc. Depending on the type of the security, requirements under both central and state laws must be taken into account.”

“Further, hazards associated with the project are found as a result of the due diligence process and are effectively addressed by way of documentation. Reviewing the shareholders’ agreement and the borrower’s charter to find any restrictions on the sale and transfer of shares of the borrower or any of its subsidiaries is crucial in transactions where a pledge over those shares is included in the security package.

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