Bank of Baroda Q4 Result 2023, Business crosses Rs.21 lakh crore, Check all details

Bank of Baroda Q4 Result 2023: Public sector lender Bank of Baroda recorded healthy growth in advances for the March quarter, showing nearly 19% increase over the previous year period. The bank’s total deposits stood at Rs 12.04 lakh crore as of March 2023, compared with Rs 10.45 lakh crore as of March 2022.

Bank of Baroda Q4 Result 2023 Highlights

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Meanwhile, domestic deposits grew around 13% year-on-year to Rs 10.47 lakh crore during the same period, while domestic CASA deposits grew 7.9% to Rs 4.42 lakh crore.

According to the fourth quarter business update released by the bank, global gross advances jumped 19% to Rs 9.73 lakh crore in the period ending March 2023. Whereas, domestic advances jumped 16.9% YoY to Rs 7.99 lakh crore. Domestic retail advances rose 26.9% YoY to Rs 1.78 lakh crore.

The overall deposits aggregated to nearly Rs 12.03 lakh crore as of March 2023, growth of around 15.1% over Rs 10.45 lakh crore as of March 2022. The overall business crossed Rs 21 lakh milestone. The total business grew 16.8% YoY to Rs 21.77 lakh crore.

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In Q3 FY23, Bank of Baroda declared the highest-ever quarterly standalone net profit of Rs 3,853 crore, which was up by over 75% from the year-ago quarter of Rs 2,197 crore. Its net interest income (NII) grew over 26% to Rs 10,818 crore as compared to Rs 8,552 crore YoY. Net Interest Margin (NIM) stood at 3.37% in the October-December period, an increase of 24 basis points (bps) YoY for the quarter.

Bank of Baroda is an Indian public sector bank headquartered in Vadodara, Gujarat. It is the second largest public sector bank in India after State Bank of India.