BoB Q2 Profit Surges 28% to Rs 4,253 Crore
Nov 04, 2023 19:40
Bank of Baroda (BoB) reported a 28% rise in its net profit to Rs 4,253 crore in the second quarter, driven by lower bad loans and higher interest income. Read more.
New Delhi, Nov 4 (PTI) Bank of Baroda (BoB) on Saturday reported a 28 per cent rise in its net profit to Rs 4,253 crore in the second quarter ended September on the back of a decline in bad loans and rise in interest income.
The state-owned lender had posted a net profit of Rs 3,313 crore in the corresponding quarter of the previous fiscal.
Its total income rose to Rs 32,033 crore in the second quarter of 2023-24, compared to Rs 23,080 crore a year ago, BoB said in a regulatory filing.
The interest income during the quarter increased to Rs 27,862 crore as compared to Rs 21,254 crore in the same quarter a year ago.
Net Interest Income (NII) grew by 6.5 per cent to Rs 10,831 crore in Q2FY24.
Operating profit of the bank stood at Rs 8,020 crore, up 33 per cent compared to same quarter a year ago.
The lender improved its asset quality, with the gross non-performing assets (NPAs) coming down to 3.32 per cent of the gross advances by the end of September 2023, from 5.31 per cent in the year-ago period.
Net NPAs fell to 0.76 per cent from 1.16 per cent in the same quarter a year ago.
Provisions for bad loans and contingencies rose to Rs 2,161 crore in the quarter from Rs 1,627 crore a year ago.
Net interest margins declined marginally to 3.07 per cent from 3.33 per cent at the end of September 2022.
Capital adequacy ratio improved to 15.30 per cent from 15.25 per cent at the end of September 2022.
The bank achieved a total business of Rs 22,74,148 crore as of September 30, registering a growth of 15.8 per cent.
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