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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The post Bank of Baroda Q1 Results: Net profit grows 88% to Rs 4,070 crore; asset quality improves appeared first on Republic Aeon.

BOB Financial Solutions Limited (BFSL), which is a wholly owned subsidiary of Bank of Baroda, has announced the launch of Vikram, the contactless RuPay credit card for Indian defence, paramilitary, and police personnel. This shows that BOB Financial Solutions Limited (BFSL) is still committed to meeting the credit needs of those who protect us and serve our country without asking for anything in return. The Indian Army (Yoddha), the Indian Navy (Varunah), the Indian Coast Guard (Rakshamah), and Defender Vikram Credit Card with BFSL that are made just for them (The Sentinel).

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As the country gets ready to celebrate its 74th Republic Day, this special credit card honours our nation’s protectors for their bravery and selflessness. Vikram was started by Mr. Vikramaditya Singh Khichi, who used to be the Executive Director of Bank of Baroda.

Vikram Credit Card

Vikram will get Lifetime Free (LTF), which comes with enticing reward points and a free OTT subscription as a gift for activation. There is also accidental death insurance for Rs. 20 lakh on the credit card. Other benefits will include a waiver of the 1% fuel surcharge, LTF add-ons, EMI deals, and periodic offers from merchants through partnerships with BOB Financial and NPCI.

Shailendra Singh, MD & CEO, BOB Financial Solutions Limited, said, “Vikram means someone who is wise, brave, strong, and has won. This credit card means the same thing: it lets you handle your money wisely, makes you strong because you can get credit when you need it and when you want it, and makes you feel like a winner when you save money on every purchase. We give the Vikram credit card to our brave warriors because they have done more than anyone else to keep us safe. This launch on the day before we celebrate our 74th Republic Day makes it more special.”

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