Public sector lender Bank of Baroda on August 5 reported 87.7 percent rise in net profit to Rs 4,070 crore for the April-June FY24 quarter from Rs 2,168 crore last year.
According to an average of two brokerage estimates conducted by Moneycontrol, Bank of Baroda’s net profit was seen rising 86.5 percent YoY to Rs 4044.3 crore. The lender exceeded market expectations.
The gross non-performing assets of the bank declined to 3.51 percent as compared with 6.26 percent last year.
Asset quality improved
The Gross NPA of the Bank reduced by 33.8 percent YoY to Rs 34,832 crore in Q1FY24 and Gross NPA Ratio improved to 3.51 percent in Q1FY24 from 6.26 percent in Q1FY23.
The Net NPA Ratio of the BOB stands at a record low of 0.78 percent in Q1FY24 as compared with 1.58 percent in Q1FY23.
However, Slippage ratio declined to 1.05 percent for Q1FY24 as against 1.71 percent in Q1FY23.
Domestic CASA deposits registered a growth of 5.5 percent YoY and stood at Rs 4,23,600 crore. Auto Loan increases by 22.1 percent, Home Loan 18.4 percent, Personal Loans by 82.9 percent, Mortgage Loan 15.8 percent and Education Loan 20.8 percent on a YoY basis.
However, the Agriculture loan portfolio grew by 15.1 percent YoY to Rs 1,27,583 crore and the total Gold loan portfolio including retail and agri. stands at Rs 40,652 crore, registering a growth of 32.1 percent on a YoY basis.
Bank of Baroda has domestic presence spanning 8,205 branches and 10,459 ATMs and Cash Recyclers supported by self-service channels and an international presence with a network of 93 overseas offices spanning 17 countries.
Meanwhile, shares of BOB on August 5 closed at Rs 191.35 apiece on the BSE, 1.95 percent lower than the previous close.
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