Bank of Baroda Q1FY24 results: Net profit jumps 87.7% YoY, NPA dips over 40%
Bank of Baroda Q1 results 2023-24: State-owned bank Bank of Baroda has declared its Q1FY24 results today. Sharing its first quarter results for the current financial year, the PSU bank reported 87.72 per cent YoY jump in net profit during April to June 2023 quarter. In Q1FY24, the PSU bank reported a net profit of ₹4,070.1 crore, logging 87.72 per cent up against the net profit of ₹2,168.1 crore in Q1FY23.
However, the PSU bank's first quarter results for the current fiscal is below market estimates. Market had estimated net profit of the PSU lender at around ₹4,630 crore. During April to June 2023 quarter, Bank of Baroda has managed to contain its Non Performing Asset (NPA) as well.
The public sector undertaking bank reported dip in net NPA from ₹12,652.74 crore in Q1FY23 to ₹7,482.45 crore in recently ended June 2023 quarter, clocking around 40.86 per cent dip in YOY terms. In Q4FY23, the public sector bank reported its highest-ever quarterly net profit of ₹4,775 crore against a profit of ₹1,778.77 crore in Q4FY22. The net interest income (NII) of the lender increased 34% to ₹11,525 crore during January to March 2023 quarter from ₹8,612 crore, YoY.
Net interest margin (NIM) rose to 3.31% from 3.03%, YoY. The asset quality during the quarter also improved while deposit growth remained strong. Bank of Baroda shares ended on Friday at ₹190.05 apiece levels, logging near 6 per cent loss in the week gone by.
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