Bank of Baroda Q4 profit rises marginally to Rs 4,886 cr

State-owned Bank of Baroda (BoB) posted a marginal 2.3 per cent rise in net profit at Rs4,886 crore for the fourth quarter ended March 2024.

The bank had earned a net profit of Rs4,775 crore in the January-March quarter a year ago. The total income increased to Rs33,775 crore during the quarter under review, as against Rs29,323 crore in the same period last year, BoB said in a regulatory filing, according to bank release on Friday.

Interest income grew to Rs29,583 crore during the latest three-month period from Rs25,857 crore in the corresponding quarter a year ago. On the asset quality side, the bank's gross Non-Performing Assets (NPAs) moderated to 2.92 per cent of gross advances as of March 31, 2024, from 3.79 per cent at the end of March 2023.

Net NPAs also declined to 0.68 per cent of the advances, from 0.89 per cent at the end of 2023. As a result, provisions for bad loans and contingencies eased to Rs1,302 crore, as against Rs1,421 crore earmarked during the same quarter a year ago.

The Provision Coverage Ratio of the bank stood at 93.30 per cent at the end of March 2024. For the financial year ended March 2024, the bank's net profit increased by a 26 per cent to Rs17,789 crore, as compared to Rs14,110 crore in the preceding fiscal.

Total income of the bank increased to Rs1,27,101 crore in FY24 as against Rs99,614 crore in the preceding fiscal. The board has recommended a dividend at Rs7.60 per equity share of face value of Rs 2 each fully paid up for the 2023-24 subject to approval at the ensuing 28th Annual General Meeting. Capital Adequacy Ratio (CRAR) improved to 16.31 per cent, from 16.24 per cent as on March 31, 2023.