Bank of Baroda Q4 net profit rises to 4,886 crore

Mumbai: Government-owned Bank of Baroda reported a net profit of Rs 4,886 crore for the January-March quarter of 2023-24, up 2.3 per cent from the corresponding figure of Rs 4,775 crore in the same period a year ago.

The bank recommended a dividend at Rs 7.60 per equity share of face value Rs 2 each fully paid up for FY 2023-24. It has fixed June 28, 2024, as the record date for the eligibility of the dividend payment.

The bank also improved its asset quality during the quarter with gross non-performing assets (NPA) declining to 2.92 per cent of total loans from 3.79 per cent in the same quarter last year. The net NPAs for the quarter fell to 0.68 per cent as compared to 0.89 per cent a year ago.

The bank’s net interest income for the quarter stood at Rs 11,793 crore, up from Rs 11,525 crore in the same period last year. Total domestic deposits of the bank stood at Rs 11.28 lakh crore, growing 7.7 per cent yearly from Rs 10.47 lakh crore. Domestic advances grew by 12.9 per cent from Rs 7.95 lakh crore in Q4FY23 to Rs 8.98 lakh crore in Q4FY24. Domestic low-cost Current Account and Savings Account (CASA) deposits of the bank registered a growth of 5.4 per cent YoY and stood at Rs 4.66 lakh crore as of March 31, 2024.  (IANS)

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