BoB profit rises nearly 6% to Rs 4,837 crore in Q3 FY'25

Bank of Baroda (BoB) on Thursday reported a 5.6 percent increase in net profit at Rs 4,837 crore in the December quarter due to lower interest income
BoB profit rises nearly 6% to Rs 4,837 crore in Q3 FY'25
BoB profit rises nearly 6% to Rs 4,837 crore in Q3 FY'25File
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New Delhi: State-owned Bank of Baroda (BoB) on Thursday reported a 5.6 percent increase in net profit at Rs 4,837 crore in the December quarter due to lower interest income.

The Mumbai-based bank had earned a net profit of Rs 4,579 crore in the same quarter a year ago.

Total income increased to Rs 34,676 crore from Rs 31,416 crore in the same period a year ago, BoB said in a regulatory filing.

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Interest income also rose marginally to Rs 30,908 crore during the quarter under review compared to Rs 28,605 crore in the year-ago period.

Moderate growth in profit is due to a nearly 3 percent rise in Net Interest Income (NII) to Rs 11,417 crore in Q3FY25 compared to Rs 11,101 crore a year ago, BoB MD and CEO Debadatta Chand said during a media briefing.

Operating profit grew to Rs 7,664 crore against Rs 7,015 crore in the third quarter of previous fiscal.

On the asset quality front, the bank's gross non-performing assets ratio moderated to 2.43 percent against 3.08 percent a year ago.

Similarly, net NPAs, or bad loans, came down to 0.59 percent from 0.7 percent at the end of the third quarter last fiscal.

However, the overall provisions, excluding tax, increased to Rs 1,082 crore during the quarter from Rs 666 crore a year ago.

Net interest margin (NIM) of the bank came down to 2.9 percent at the end of third quarter against 3.10 percent in Q3FY24.

Sharing the outlook on NIM, he said it should be 3-3.10 percent during the current fiscal.

BoB profit rises nearly 6% to Rs 4,837 crore in Q3 FY'25
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Capital Adequacy Ratio declined to 14.72 percent from 15.96 percent at the end of the third quarter of the previous financial year.

He said there is no need for fund raising during the current financial year to meet credit growth as this level of capital is enough to drive growth.

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