BoB’s Q4 profits increase by 2.3% to ₹4,886 cr; Full-year profits rise by 26.1%

Bank of Baroda (BoB) has reported a strong financial performance for the January-March quarter, with a net profit of ₹4,886 crore, marking a growth of 2.3% year-on-year. The bank’s full fiscal year net profit also saw a significant increase of 26.1% at ₹17,789 crore, driven by a healthy operating income growth of 15.3% year-on-year in FY24.

The bank’s net interest income (NII) for Q4 FY24 grew by 2.3% to ₹11,793 crore, while NII for the full fiscal year registered a growth of 8.1% at ₹44,722 crore. Additionally, the non-interest income for the quarter surged by 20.9% year-on-year to ₹4,191 crore, with a 44% increase for the fiscal year at ₹14,495 crore.

BoB’s operating income for Q4 FY24 stood at ₹15,984 crore and ₹59,217 crore for FY24, showing a growth of 15.3%. The bank’s return on assets improved sequentially by 5 bps at 1.25% for Q4 FY24 and 1.17% for FY24, higher by 14 bps year-on-year.

In terms of asset quality, BoB reported a reduction in gross NPAs by 87 bps year-on-year to 2.92% in Q4 FY24. The bank’s net NPA also decreased by 21 bps year-on-year to 0.68% in Q4 FY24.

Furthermore, the Reserve Bank of India (RBI) has lifted restrictions on BoB’s mobile application, BoB World, allowing the bank to onboard new customers through the app once again. The bank is also set to hold its annual general meeting on July 5, 2024, to elect a shareholder director.

Despite the positive financial results, BoB’s shares closed 2.67% down at ₹255.65 apiece on the BSE today.