October 14, 2024 17:06 (IST)
Follow us:
facebook-white sharing button
twitter-white sharing button
instagram-white sharing button
youtube-white sharing button
Trudeau govt's vote bank politics: India toughens stand against Canada after latest tirade over Nijjar killing | Lawrence Bishnoi gang, which claimed responsibility for Baba Siddique's murder, sends Salman Khan a message | Baba Siddique's shooters threw chilli powder at cops, mastermind still out of reach | Hezbollah drone attack on military base kills four Israeli soldiers | Lawrence Bishnoi gang claims responsibility for NCP leader Baba Siddique's murder
Bank of Baroda Q4FY24 net profit up 2.3% YoY to Rs 4,886.49 cr; NII up 2.3% to Rs 11,793 cr

Bank of Baroda Q4FY24 net profit up 2.3% YoY to Rs 4,886.49 cr; NII up 2.3% to Rs 11,793 cr

| @indiablooms | 10 May 2024, 04:17 pm

Mumbai: State-run lender Bank of Baroda on Friday said its standalone net profit reached Rs 4,886.49 crore in Q4FY24, up 2.3% compared to Rs 4,775.33 crore in the year-ago period.

During the period, the bank's net interest income (NII) saw a 2.3% rise to Rs 11,793 crore from Rs 11,525 crore reported in the fourth quarter of the previous year.

The Global Net Interest Margin (NIM) improved sequentially by 17 basis points (bps) to 3.27% in Q4FY24 against 3.10% in Q3FY24.

But it saw a contraction in its net interest margin which dropped to 3.18% from 3.31% last year.

Bank of Baroda saw an improvement in its asset quality during the fourth quarter of fiscal year 2024.

The Gross non-performing assets (GNPA) decreased by 1.5% to Rs 31,833.63 crore from Rs 2,317.56 crore in the previous quarter (Q3FY24), while Net NPA slightly increased by 0.1% to Rs 7,213.34 crore from Rs 7,208.31 crore, quarter-on-quarter (QoQ).

GNPA is the total amount of bad loans a bank has, while Net NPA reflects the amount of bad loans after accounting for provisions made by the bank.

The ratio of Gross NPA to gross advances decreased by 16 basis points (bps) to 2.92% from 3.08%, and the ratio of net NPA to net advances dropped by 2 bps to 0.68% from 0.7%, sequentially.

In the quarter ending March 2024, slippages increased to Rs 3,200 crore from Rs 2,618 crore, quarter-on-quarter (QoQ), with the slippage ratio rising to 1.12% from 0.95% in the previous quarter (Q3).

Bank of Baroda experienced a 7.7% growth in total domestic deposits, reaching Rs 11.28 lakh crore from Rs 10.47 lakh crore, year-on-year (YoY).

Domestic advances grew by 12.9% to Rs 8.98 lakh crore in Q4FY24 from Rs 7.95 lakh crore, YoY.

For the fiscal year 2023-24, the bank recommended a dividend of Rs 7.60 per equity share with a face value of Rs 2 each fully paid up.

Following the announcement of the Q4 results, Bank of Baroda's share price declined over 3%. At 3:10 pm, the bank's shares were trading 3.14% lower at Rs 254.40 apiece on the BSE.

Support Our Journalism

We cannot do without you.. your contribution supports unbiased journalism

IBNS is not driven by any ism- not wokeism, not racism, not skewed secularism, not hyper right-wing or left liberal ideals, nor by any hardline religious beliefs or hyper nationalism. We want to serve you good old objective news, as they are. We do not judge or preach. We let people decide for themselves. We only try to present factual and well-sourced news.

Support objective journalism for a small contribution.