Bank of Baroda Profit Jumps 10% to Rs 4,458 cr in Q1 FY25
Jul 31, 2024 17:44
Bank of Baroda (BoB) reported a 10% rise in standalone net profit to Rs 4,458 crore in Q1 FY25, driven by a decline in bad loans and increased interest income. Gross NPAs also fell to 2.88% from 3.51% in FY24.
New Delhi, Jul 31 (PTI) Bank of Baroda (BoB) on Wednesday reported a 10 per cent increase in standalone net profit to Rs 4,458 crore in the June 2024 quarter, helped by a decline in bad loans.
The state-owned bank had posted a net profit of Rs 4,070 crore in the year-ago period.
Total income in the quarter rose to Rs 32,116 crore from Rs 29,878 crore, BoB said in a regulatory filing.
The lender's interest income also increased to Rs 29,629 crore against Rs 26,556 crore in the same quarter a year ago.
Gross Non Performing Assets (NPAs) declined to 2.88 per cent of gross advances by June 2024 from 3.51 per cent in FY24.
Net NPAs too declined to 0.69 per cent compared to 0.78 per cent at the end of the first quarter of the previous year.
As a result, provisions and contingencies came down to Rs 1,011 crore in the April-June period of FY25 against Rs 1,947 crore in the year-ago period.
The capital adequacy ratio of the bank improved to 16.82 per cent at the end of June 2024 compared to 15.84 per cent in the year-ago period.
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