Bank of Baroda Q4 profit rises marginally to Rs 4,886 crore

New Delhi: State-owned Bank of Baroda (BoB) on Friday posted a marginal 2.3 percent rise in net profit at Rs 4,886 crore for the fourth quarter ended March 2024.

The bank had earned a net profit of Rs 4,775 crore in the January-March quarter a year ago.

The total income increased to Rs 33,775 crore during the quarter under review, as against Rs 29,323 crore in the same period last year, BoB said in a regulatory filing.

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Interest income grew to Rs 29,583 crore during the latest three-month period from Rs 25,857 crore in the corresponding quarter a year ago.

On the asset quality side, the bank's gross Non-Performing Assets (NPAs) moderated to 2.92 percent of gross advances as of March 31, 2024, from 3.79 percent at the end of March 2023.

Net NPAs also declined to 0.68 percent of the advances, from 0.89 percent at the end of 2023.

As a result, provisions for bad loans and contingencies eased to Rs 1,302 crore, as against Rs 1,421 crore earmarked during the same quarter a year ago.

The Provision Coverage Ratio of the bank stood at 93.30 percent at the end of March 2024.

For the financial year ended March 2024, the bank's net profit increased by a 26 percent to Rs 17,789 crore, as compared to Rs 14,110 crore in the preceding fiscal.

Total income of the bank increased to Rs 1,27,101 crore in FY24 as against Rs 99,614 crore in the preceding fiscal.

The board has recommended a dividend at Rs 7.60 per equity share of face value of Rs 2 each fully paid up for the 2023-24 subject to approval at the ensuing 28th Annual General Meeting.

Capital Adequacy Ratio (CRAR) improved to 16.31 percent, from 16.24 percent as on March 31, 2023.

Net Interest Margin (NIM) of the bank stood at 3.18 percent at the end of March 2024.

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