The State-owned Bank of Baroda (BoB) reported a slight 2.3 per cent increase in net profit, reaching Rs 4,886 crore for the fourth quarter ending in March 2024. This compares to a net profit of Rs 4,775 crore in the corresponding period last year. BoB disclosed in a regulatory filing that total income rose to Rs 33,775 crore for the quarter, up from Rs 29,323 crore in the same period a year ago.
Interest income for the latest quarter surged to Rs 29,583 crore from Rs 25,857 crore a year earlier. Notably, the bank's gross Non-Performing Assets (NPAs) decreased to 2.92 per cent of gross advances as of March 31, 2024, down from 3.79 per cent in March 2023. Similarly, net NPAs dropped to 0.68 per cent of advances, compared to 0.89 per cent at the close of 2023. Consequently, provisions for bad loans and contingencies decreased to Rs 1,302 crore, down from Rs 1,421 crore allocated in the same quarter the previous year.
The Provision Coverage Ratio reached 93.30 per cent by March 2024. For the fiscal year ending March 2024, the bank's net profit rose by 26 per cent to Rs 17,789 crore, compared to Rs 14,110 crore in the preceding fiscal year. Total income for the bank in FY24 climbed to Rs 1,27,101 crore, up from Rs 99,614 crore in the previous fiscal.
The board proposed a dividend of Rs 7.60 per equity share with a face value of Rs 2 each, fully paid up for the 2023-24 fiscal year, pending approval at the upcoming 28th Annual General Meeting. Furthermore, the Capital Adequacy Ratio (CRAR) improved to 16.31 per cent from 16.24 per cent as of March 31, 2023. The Net Interest Margin (NIM) stood at 3.18 per cent by the end of March 2024.
