Bank of Baroda’s March quarter net profit increases marginally to Rs 4,886 crore

New Delhi . Public sector Bank of Baroda (BoB) reported a marginal rise of 2.3 per cent in its net profit to Rs 4,886 crore in the March quarter of the last financial year. BOB on Friday informed the stock market about its quarterly results for January-March 2024. The bank had earned a net profit of Rs 4,775 crore in the same quarter a year ago. The total income of the bank increased to Rs 33,775 crore during the period under review compared to Rs 29,323 crore in the same quarter last year. The board of directors of the bank has also recommended a dividend of Rs 7.60 on a share of face value of Rs 2. It will be placed for approval in the 28th Annual General Meeting.

The bank’s interest income increased to Rs 29,583 crore in the fourth quarter of the financial year 2023-24. It was Rs 25,857 crore in January-March, 2023. During the period under review, the gross non-performing assets (NPAs) of BOB improved to 2.92 percent whereas a year ago it was 3.79 percent of the total loans. During this period, net NPA also came down to 0.68 percent from 0.89 percent a year ago. Due to this, the provision for bad loans also reduced to Rs 1,302 crore which was Rs 1,421 crore last year. The net profit of Bank of Baroda increased by 26 percent to Rs 17,789 crore for the entire financial year 2023-24 while it was Rs 14,110 crore in the financial year 2022-23. The total income of the bank also increased to Rs 1,27,101 crore in the last financial year which was Rs 99,614 crore in the financial year 2022-23.

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