Bank Of Baroda Q4 Results: Net Profit Jumps 168%, Asset Quality Improves
The bank's net profit for the quarter stood at Rs 4,775 crore, up from Rs 1,779 crore a year earlier.
Public sector lender Bank of Baroda saw its January-March net profit jump 168% on account of higher core income and lower provisions.
The bank's net profit for the quarter stood at Rs 4,775 crore, up from Rs 1,779 crore a year ago. Analysts polled by Bloomberg estimated a net profit of Rs 4,034 crore for the fourth quarter of FY23.
Net interest income, or core income, for the bank rose 34% from a year ago and stood at Rs 11,525 crore. Other income also rose year-on-year to Rs 3,466 crore.
The gross non-performing asset ratio for the bank fell by 74 basis points sequentially to 3.79%. Similarly, net NPA improved to 0.89% as of March 31, compared with 0.99% as of Dec. 31, 2022.
Provisions for the quarter fell 62% year-on-year to Rs 1,420 crore.
Shares of the bank rose 1.77% to Rs 187.10 apiece after the announcement of the results, compared with a 0.16% decline in the benchmark Nifty 50.