Bank of Baroda’s domestic retail advances grow 20.90% y-o-y

8 Jul 2024 , 01:06 PM

On Friday (July 5), the state-owned Bank of Baroda (BoB) reported an 8.52% growth in global business, hitting ₹23.77 Lakh Crore. Global deposits increased by 8.83% year on year to ₹13.05 Lakh Crore, driving the rise.

Bank of Baroda’s global portfolio increased by 8.14% year on year, reaching ₹10.72 Lakh billion in advances. Domestic deposits increased by 5.25% from the previous year to ₹11.05 Lakh Crore.

Domestic advances surged by 8.51% YoY to ₹8.82 Lakh Crore. Domestic retail advances increased by 20.86% over the same period in FY24 to ₹2.22 Lakh Crore.

Bank of Baroda reported a 2.3% increase in net profit for the fourth quarter of FY24. The bank achieved a net profit of ₹4,886.5 Crore, exceeding experts’ expectations.

The fourth quarter FY24 results of Bank of Baroda include a loan growth of 13% YoY and 4% QoQ. Additionally, the net interest margin (NIM) increased to 3.27% from 3.10% in the preceding quarter.

In terms of asset quality, the Bank of Baroda recorded a 2.92% gross non-performing assets (NPAs) ratio, down from 3.08% the previous quarter. The net NPA ratio stood at 0.68% in Q4 FY24, compared to 0.89% in Q4 FY23, while the provision coverage ratio was 93.30%.

Slippages reached ₹3,200 Crore in the quarter, up from ₹2,618 Crore in the previous quarter. The Q4 slippage ratio increased to 1.12% from 0.95% in Q3. The lender’s net interest income for the quarter increased to ₹11,793 Crore from ₹11,525 Crore last year. The bank’s net interest margin declined to 3.18% from 3.31% the previous year.

At around 12.14 PM, Bank of Baroda was trading 3.34% lower at ₹264.45, against the previous close of ₹273.80 on NSE. The counter touched an intraday high and low of ₹268, and ₹261.80, respectively.

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