 "Bank of Baroda")
Bank of Baroda’s (BoB) net profit grew 168 per cent year-on-year (YoY) at Rs 4,775 crore for the quarter ended March 2023 (Q4 FY23) on healthy growth in advances and net interest income (NII).
Its net profit in FY23 grew 94 per cent to Rs 14,110 crore compared to Rs 7,272 crore in FY22. The board of directors recommended a dividend of Rs 5.5 per share (for a face value of Rs 10 each) for FY23 subject to shareholders' approval, the Mumbai-based public sector lender told BSE.
Capital adequacy ratio stood at 16.24 per cent with Common Equity Tier of 12.24 per cent at the end of March.
BoB's NII, which is interest revenues minus interest expenses, grew 33.8 per cent YoY to Rs 11,525 crore in Q4 FY23 compared to Rs 8,612 crore in Q4 FY22. The net interest margin improved by 45 basis points YoY to 3.53 per cent in Q4 FY23, the bank said in a statement.
Provisions and contingencies declined by 62 per cent YoY to Rs 1,421 crore. The bank’s advances grew 18.5 per cent YoY basis to Rs 9.69 trillion in FY23. In advances, retail grew 26.8 per cent YoY to Rs 1.78 trillion at the end of March 2023.
Total deposits increased 15.1 per cent YoY to Rs 12.03 trillion in FY23.
Asset quality profile improved with gross non-performing assets (NPA) declining to 3.79 per cent in March from 6.61 per cent in the same month in 2022. Net NPA declined to 0.89 per cent in March 2023 from 1.72 per cent a year ago.
The provision coverage ratio improved to 92.43 per cent in March 2023 from 88.71 per cent a year ago.
