
Bank of Baroda (BOB), a public sector lender, announced its financial results for the December quarter of the financial year 2023-24. The bank reported a net profit of Rs 4,579.33 crore, representing an 18.9 percent increase compared to the same period in the previous year.
Bank announces financial results for the quarter ended, 31st December 2023.
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BOB’s gross non-performing assets (NPA) decreased to 3.08 percent from 4.53 percent in the year-ago period, while net NPA improved to 0.70 percent from 0.99 percent.
In the same quarter last year, the bank had earned a net profit of Rs 3,853 crore. Furthermore, the total income for the quarter rose to Rs 31,416 crore from Rs 27,092 crore in the corresponding period the previous year, as stated in a regulatory filing by BOB.
The bank’s interest income increased to Rs 28,605 crore from Rs 23,540 crore in the third quarter of the previous fiscal year. The gross non-performing assets (NPAs) also showed improvement, declining to 3.08 percent of gross loans by the end of December 2023, compared to 4.53 percent a year ago. Similarly, net NPAs or bad loans decreased to 0.70 percent from 0.99 percent at the end of the third quarter of the previous fiscal year.
However, the Capital Adequacy Ratio of the bank slightly declined to 14.72 percent from 14.93 percent at the end of December 2022.
During the December quarter of FY24, the bank made a contingent provision of Rs 50.49 crore for its investment in the Alternate Investment Fund (AIF) in accordance with the RBI circular dated December 19, 2023.
