Bank of Baroda announces financial results: Report

GUWAHATI: Bank of Baroda (BOB) reported a growth of 26.1% in its FY24. Its net profit was Rs 17,789 crore. Global Business grew by 11.2% to reach Rs 24,17,464 crore as of March 31. Net profit for Q4FY24 stands at Rs 4,886 crore, growth of 2.3% YoY.

Return on Assets (ROA) increased by 14 bps YoY and stands at 1.17% for FY24. Return on Equity (ROE) higher by 61 bps YoY at 18.95% for FY24. The growth in profitability was supported by healthy Operating Income growth of 15.3% YoY in FY24. Operating income growth was augmented by 44.6% YoY growth in Non-Interest Income to Rs 14,495 crore in FY24. Operating Profit registered a healthy growth of 15.3% YoY and stands at Rs 30,965 crore in FY24. Global Net Interest Margin (NIM) improves by 17 bps sequentially and stands at 3.27% in Q4FY24. Net Interest Margin (NIM) for FY24 is 3,18%.

BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 87 bps YoY to 2.92% from 3.79% in Q4FY23.

Bank’s NNPA reduced by 21 bps YoY to 0.68% in Q4FY24 as against 0.89% in Q4FY23. BOB’s balance sheet remains robust with healthy Provision Coverage Ratio (PCR) of 93.30% with TWO & at 77.34% without TWO.

Credit cost remains below 1% at 0.67% for FY24 & 0.57% for the quarter. Healthy Liquidity Coverage Ratio (LCR) at 120.6% as on March 31.

BOB’s Global Advances registered a growth of 12.5% YoY in Q4FY24 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 20.7%, driven by strong growth across segments such as Auto Loan (23.8%), Home Loan (14.1%), Personal Loan (51.6%), Mortgage Loan (11.4%), Education Loan (19.6%), stated a press release.

Also Read: Bank of Baroda Q4 net profit rises to 4,886 crore (sentinelassam.com)

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