Bank Of Baroda Q2 FY24 Results: PAT Rises To Rs 4,253 Crore

Bank of Baroda's Net interest income (NII) grew by 6.5 per cent YoY to Rs 10,831 crore

Bank of Baroda announces Financial Results for the Quarter ended 30th September 2023

Key Highlights :

• Bank of Baroda (BOB) quarterly Net profit higher by 28.4% YoY at INR 4,253 crore in Q2FY24. Net Profit for H1FY24 grew by 51.8% to INR 8,323 crore.
• BOB has delivered ROA of more than 1% and ROE around 20%, consistently for last 5 quarters. ROA for Q2FY24 stands at 1.14% and ROE at 19.74%.
• The growth in profitability was supported by healthy Operating Income growth of 25% YoY in Q2FY24.
• Operating income growth was augmented by ~2x YoY growth in Non-Interest Income in Q2FY24.
• Non-Interest Income growth in Q2FY24 was driven by robust YoY growth in Fee Income (+31.7%), Trading Gains (+69.5%) and Recovery from TWO (~2x)
• Strong growth in Income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 33% YoY for Q2FY24. Operating profit for H1FY24 higher by 50.1% YoY.
• The Bank has been able to effect a reduction in the Cost to Income ratio by 320 bps YoY to 46.54% for Q2FY24. Cost to Income ratio for H1FY24 is also declined by 608 bps YoY to 45.97%
• BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 199 bps YoY to 3.32%. Bank’s NNPA improved to 0.76%, a reduction of 40 bps YoY.
• BOB’s balance sheet remained robust with healthy Provision Coverage Ratio (PCR) of 93.16% with TWO & at 77.64% without TWO.
• Credit cost remains below 1% at 0.92% for Q2FY24.
• BOB’s Global Advances registered a strong YoY growth of 17.3% in Q2FY24 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 22.2%, driven by growth in high focus areas such as Auto Loan (21.1%), Home Loan (16.1%), Personal Loan (67.2%), Mortgage Loan (13.3%), Education Loan (18.3%).
• Bank achieved a total business of INR 22,74,148 crore as of 30th Sep 2023, registering a growth of 15.8% YoY.

Related Articles

Back to top button