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?

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

The company’s standalone net profit increased by 66.7% year-over-year to Rs 3,452.30 crore, which was higher than the 53.0% growth forecast of Rs 3,182 crore by market experts.

The private sector lender based in Mumbai posted a standalone net profit of Rs 3,495.59 crore in the same period last year.

Asset quality

The lender’s asset quality improved in June, falling from 2.27 percent to 1.75 percent gross non-performing assets (NPAs) year over year.

The quarterly net nonperforming asset ratio improved to 0.43 percent from the prior quarter’s 0.41 percent and the prior year’s 0.69 percent.

As of June 30th, gross nonperforming assets were Rs 5,909 crore, down from Rs 6,379 crore in the same time last year. Gross nonperforming assets were around Rs 5,768 crore in the previous quarter.

Comparatively, net nonperforming assets were Rs 1,302 crore a year ago, down from Rs 1,749 crore.

There were Rs 692 billion worth of recoveries and enhancements. During the period of April-June, provisions and contingencies increased to Rs 365 crore from Rs 23 crore in the same period last year, as reported in an investor presentation.

The bank’s provision coverage ratio increased dramatically over the previous year, standing at 78%.

Interest income

Net interest income (NII), the difference between interest income earned from financing activities and interest paid to depositors, rose 33 percent year-over-year to Rs 6,234 crore.

The bank reported that the net interest margin (NIM) for Q1FY24 was 5.57 percent in a press release.

Advances and deposits

From Q1FY23’s Rs 55,081 crore to Q2FY23’s Rs 59,431 crore, average current deposits increased by 8 percent. Average savings deposits, however, fell to Rs 1.2 lakh crore from Rs 1.22 lakh crore a year earlier.

Compared to Q1FY23, average term deposits increased by 40 percent, from Rs 1.30 lakh crore to Rs 1.82 lakh crore.

The CASA ratio was 49% at that time.

The bank reported a rise in advances of 19 percent year over year, from Rs 2.83 trillion to Rs 3.37 trillion in the same quarter of the previous fiscal year.

Kotak Mahindra Bank closed at Rs 1,971.10 on BSE on July 21, up 0.70 percent from the previous close despite a 1.31 percent drop in the benchmark Sensex, which ended the day at 66,684.26.

Also Read : Yatharth Hospital sets IPO price band at Rs 285-300 per share, to raise Rs 687 crore

The post Kotak Mahindra Bank : Consolidated net profit up 50.62% at Rs 4,150.19 crore appeared first on Republic Aeon.

The total income for the period under consideration increased by 34 percent to 178 crore in the current quarter, up from 134 crore in the first quarter that concluded on June 30, 2022. The asset under management (AUM) of the company reached Rs 43,413 crore as of the end of June of this year, representing an increase of 32 percent compared to the same time period in the previous year.

In addition to this, the organization proceeded to broaden its clientele during the first three months of the current fiscal year (2023-24), acquiring a total of 395 client families. Anand Rathi Wealth Ltd is one of the most successful non-bank wealth solutions organizations in India. They provide their services to high-net-worth clients as well as ultra-high-net-worth persons.

The organization operates in three distinct business verticals: private wealth, digital wealth, and omni financial advisors. The private wealth vertical is the oldest and most traditional of the three.

Also Read : TCS offers ‘outstanding performers’ a raise of 12-15% and initiates a promotion cycle.

The post Anand Rathi Wealth’s first-quarter profit goes up 34% to Rs 53 crore. appeared first on Republic Aeon.