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Bank of Baroda PAT rises to Rs 4,886 cr in Q4 FY24

10-May-24 16:14 Hrs IST

Total income rose 15.18% year on year to Rs 33,774.87 crore during the quarter.

Total provisions (other than tax and contingencies) declined 8.36% to Rs 1,301.94 crore in Q4 FY24 as against Rs 1,420.71 crore posted in corresponding quarter last year.

Net interest income (NII) was at Rs 11,793 crore in the March 2024, up 2.3% from Rs 11,525 crore recorded in Q4 FY23. Global net interest margin (NIM) stood at 3.27% during the quarter from 3.53% in Q4 FY23.

On the asset quality front, the bank's gross non-performing assets (NPAs) stood at Rs 31,833.63 crore in Q4 FY24 as against Rs 36,763.68 crore in Q4 FY23.

The gross NPA ratio reduced to 2.92% in Q4 FY24 from 3.79% posted in Q4 FY23. The net NPA ratio declined to 0.68% in Q4 FY24 as compared with 0.89% in Q4 FY23.

The provision coverage ratio of the bank stood at 93.30% including TWO and 77.34% excluding TWO in Q4FY24.

The bank's return on assets (RoA) reduced to 1.25% in Q4 FY24 from 1.34% reported in Q4 FY23. Return on equity (RoE) declined to 20.83% in Q4 FY24 as against 24.82% recorded in Q4 FY23

Slippage ratio for the quarter stood at 1.12% as against 1.02% registered in Q4 FY23.

On full year basis, the company?s net profit jumped 26.08% to Rs 17788.78 crore on 24.59% increase in total income to Rs 1,27,101.31 crore in FY24 over FY23.

Domestic deposits rose 7.7% to Rs 11,28,514 crore as on 31 March 2024 as compared with Rs 10,47,375 crore as on 31March 2023.

Domestic advances increased 12.9% to Rs 8,98,116 crore as on 31 March 2024 as compared with Rs 7,95,560 crore as on 31 March 2023.

Domestic CASA deposits registered a growth of 5.4% YoY and stood at Rs 4,66,401 crore as of 31 March 2024.

Cost of deposits increased to 5.06% in O4 FY24 as against 4.43% in Q4FY23.

Capital adequacy ratio (CRAR) of the bank was at 16.31% in 31 March 2024 from 16.24% in 31 March 2023. Tier-I stood at 14.07% (CET-1 at 12.54%, AT1 at 1.53%) and Tier-II stood at 2.24% as of 31 March 2024.

Meanwhile, the bank?s board has recommended a dividend of Rs 7.60 per equity share for the financial year ended 31 March 2024.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,243 branches and 11,033 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 91 overseas offices spanning 17 countries. As of 31 March 2024, Government of India held 63.97% stake in the bank.

The scrip shed 2.67% to currently trade at Rs 255.65 on the BSE.