Bank of Baroda, the state-run lender, on Friday reported a standalone net profit of 4,886.49 crore for the fourth quarter of FY24, registering a growth of 2.3% from 4,775.33 crore in the year-ago period.

The bank’s net interest income (NII) in Q4FY24 also increased 2.3% to 11,793 crore from 11,525 crore, YoY. Global Net Interest Margin (NIM) improved by 17 basis points (bps) sequentially and stood at 3.27% in Q4FY24 from 3.10% in Q3FY24.

Pre-Provisions Operating Profit (PPOP) during the quarter rose 0.4% to 8,106.10 crore from 8,072.88 crore, YoY.

Bank of Baroda witnessed improvement in its asset quality as the Gross non-performing assets (GNPA) in Q4FY24 declined 1.5% to 31.833,63 crore from 32,317.56 crore in Q3FY24, while Net NPA inched marginally higher by 0.1% to 7,213.34 crore from 7,208.31 crore, QoQ.

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Gross NPA as a percentage of gross advances fell 16 basis points (bps) to 2.92% from 3.08%, while net NPA as a percentage of net advances declined 2 bps to 0.68% from 0.7%, sequentially.

Provisions in Q4 stood at 1,301.94 crore versus 666.34 crore, QoQ and versus 1,420.71 crore, YoY. Credit cost stood at 0.57% for Q4FY24 and 0.67% for FY24.

Slippages in the quarter ended March 2024 increased to 3,200 crore from 2,618 crore, QoQ. Slippage ratio in Q4 rose to 1.12% from 0.95% in Q3.

Bank of Baroda’s total domestic deposits grew 7.7% to 11.28 lakh crore from 10.47 lakh crore, YoY. Domestic advances grew by 12.9% to 8.98 lakh crore in Q4FY24 from 7.95 lakh crore, YoY.

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Domestic CASA deposits registered a growth of 5.4% YoY and stands at 4.66 lakh crore as of March 31, 2024.

The bank recommended a dividend at 7.60 per equity share of face value 2 each fully paid up for FY 2023-24. It has fixed June 28, 2024, as the record date for the eligibility of the dividend payment.  

Bank of Baroda share price dropped over 2% after the announcement of Q4 results. On Friday, Bank of Baroda shares ended 2.67% lower at 255.65 apiece on the BSE. 

Read all Q4 Results here

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Published: 10 May 2024, 03:10 PM IST