BOB Reports Growth Of 26.1% In Its FY24 Net Profit To INR 17,789 Crore

The PSB registered a growth of 26.1 percent as against Rs 14,110 crore in FY23

Bank Of Baroda on Friday announced its financial year for the FY 2024 and quarter ended on March 31, 2024. The bank has posted Net Profit of Rs 17789 crores for the financial year 2024 registering a growth of 26.1 percent as against Rs 14,110 crore in FY23.

Announcing the results, Managing Director and CEO of BOB, Shri Debdatta Chand informed that global business grew by 11.2% to reach Rs 24,17,464 crore as of 31st March 2024. The Net Profit for Q4FY24 stands at INR 4,886 crore, growth of 2.3% YoY. However the Return on Assets (ROA) increased by 14 bps YoY and stands at 1.17% for FY24 and Return on Equity (ROE) higher by 61 bps YoY at 18.95% for FY24.

BOB MD & CEO said that the growth in profitability was supported by healthy Operating Income growth of 15.3% YoY in FY24. He said that the operating income growth was augmented by 44.6% YoY growth in Non-Interest Income to INR 14,495 crore in FY24. The Operating Profit registered a healthy growth of 15.3% YoY and stands at INR 30,965 crore in FY24. Global Net Interest Margin (NIM) improves by 17 bps sequentially and stands at 3.27% in Q4FY24. He informed that BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 87 bps YoY to 2.92% from 3.79% in Q4FY23. Bank’s NNPA reduced by 21 bps YoY to 0.68% in Q4FY24 as against 0.89% in Q4FY23. BOB’s balance sheet remains robust with healthy Provision Coverage Ratio (PCR) of 93.30% with TWO & at 77.34% without TWO.

Shri Chand said that the Credit cost remains below 1% at 0.67% for FY24 & 0.57% for the quarter. Besides BOB’s Global Advances registered a growth of 12.5% YoY in Q4FY24 led by robust retail loan book growth. Bank’s organic Retail Advances grew by 20.7%, driven by strong growth across segments such as Auto Loan (23.8%), Home Loan (14.1%), Personal Loan (51.6%), Mortgage Loan (11.4%), Education Loan (19.6%).

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