Public sector lender Bank of Baroda (BoB) on Tuesday reported a 158% rise in its consolidated net profit to ₹5,255.17 crore for the quarter ended March 2023. The bank’s net profit in the same quarter last year stood at ₹2,031.55 crore.
BoB’s profit after tax (PAT) on a standalone basis jumped 168% to ₹4,775.33 crore, from ₹1,778.77 crore in Q4FY22. The bank reported a rise of 41.78% in the interest earned to ₹27,077.32 crore in the March quarter, from ₹19,097.17 crore a year ago.
The bank’s net profit for the fiscal year 2023 increased 94% to ₹14,110 crore, as compared to ₹7,272 crore in FY22.
The bank earned a total interest of ₹25,856.68 crore in the quarter under review, up 42.3% against ₹18,173.61 crore in the same quarter last year.
BoB’s board has recommended a dividend of ₹5.50 per equity share (face value ₹2 each fully paid up) for FY23. The final dividend payout is subject to declaration/approval at the ensuing 27th Annual General Meeting.
BoB said its total deposits jumped 15.1% YoY in FY23 to ₹12.03 trillion. Meanwhile, its asset quality profile improved as gross non-performing assets (NPA) declined to 3.79% in March from 6.61% in the same month in 2022.
Key Highlights of BoB’s Q4 Results
- Consolidated net profit up 158% to ₹5,255.17 crore
- Standalone net profit up 168% to ₹4,775.33 crore
- Interest earned up 41.78% to ₹27,077.32 crore
- Total deposits up 15.1% YoY to ₹12.03 trillion
- Gross NPA declined to 3.79% in March from 6.61% in March 2022
Outlook
BoB’s results are positive and reflect the bank’s strong performance in the fourth quarter of FY23. The bank’s asset quality profile has improved, and its profitability has increased. BoB is well-positioned to continue its growth momentum in the coming quarters.