- By Aditya Pratap Singh
- Fri, 10 May 2024 04:28 PM (IST)
- Source:PTI
Bank Of Baroda Q4 Earning: Public sector lender' Bank of Baroda' (BoB) reported on Friday a slight 2.3 percent increase in net profit to Rs 4,886 crore for the fourth quarter ended March 2024. The BOB had earned a net profit of Rs 4,775 crore in the January-March quarter. one year ago. Total income during the quarter under review increased to Rs 33,775 crore from Rs 29,323 crore in the corresponding period of the previous year, BoB said in a regulatory filing.
Interest income increased to Rs 29,583 crore during the latest three-month period from Rs 25,857 crore in the corresponding quarter a year ago. In terms of asset quality, the bank's gross non-performing assets (NPAs) declined from 3.79 percent at the end of March 2023 to 2.92 percent of gross advances as of March 31, 2024.
Net NPAs also decreased to 0.68 percent of advances from 0.89 percent at the end of 2023. Consequently, the provision for bad loans and contingencies declined to Rs 1,302 crore, compared to Rs 1,421 crore during the same quarter a year ago. The bank's provision coverage ratio stood at 93.30 percent as of March 31, 2024.
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For the financial year ended March 2024, the bank's net profit increased by 26 percent to Rs 17,789 crore, compared to Rs 14,110 crore in the previous financial year. The bank's total income increased to Rs 1,27,101 crore in FY 2024, from Rs 99,614 crore in the previous financial year. The board has recommended a dividend of Rs 7.60 on each fully paid equity share of face value Rs 2 for 2023-24, subject to approval at the upcoming 28th Annual General Meeting.
Capital Adequacy Ratio (CRAR) increased from 16.24 percent to 16.31 percent as of March 31, 2023. The bank's net interest margin (NIM) stood at 3.18 percent at the end of March 2024.
(With PTI Inputs)
