Active Stocks

Tue Oct 03 2023 15:59:59

Tata Steel share price
128 -0.78%

Power Grid Corporation Of India share price
199.3 -0.28%

Tata Motors share price
620.3 -1.59%

NTPC share price
241.15 -1.83%

State Bank Of India share price
602.95 0.71%

Business News/ Markets / Stock Markets/ Bank of Baroda Q4FY23: PAT more than doubled in Q4FY23; lender declares ₹5.5 dividend

Back

Bank of Baroda Q4FY23: PAT more than doubled in Q4FY23; lender declares ₹5.5 dividend

1 min read 16 May 2023, 02:15 PM IST Join us

Nishant Kumar

The company said its standalone profit after tax (PAT) for Q4FY23 more than doubled to ₹4,775.33 crore against a profit of ₹1,778.77 in the corresponding quarter last year.

Bank of Baroda saw healthy Q4FY23 earnings. 08/08/2012;photo:pradeep gaur/mint (Mint) — Bank of Baroda saw healthy Q4FY23 earnings. 08/08/2012;photo:pradeep gaur/mint **(Mint)**

Public sector lender Bank of Baroda (BOB), on May 16, reported a strong jump in its March quarter profit at ₹4,775.33 crore. In a BSE filing, the company said its standalone profit after tax (PAT) for Q4FY23 more than doubled to ₹4,775.33 crore against a profit of ₹1,778.77 in the corresponding quarter last year.

The bank earned a total interest of ₹25,856.68 crore in the quarter under review, up 42.3 per cent against ₹18,173.61 crore in the same quarter last year.

The bank's gross NPA (non-performing asset) for the quarter fell 32 per cent YoY to ₹36,763.68 crore against ₹54,059.39 crore in Q4FY22. Net NPA dropped 37.3 per cent YoY to ₹8,384.32 crore in Q4FY23 from ₹13,364.65 crore in the same quarter last year.

The bank's pre-provision operating profit (PPOP) for the quarter stood at ₹8,072.88 crore, up 43.3 per cent from ₹5,635.14 crore year-on-year (YoY).

The bank's operating profit margin improved to 27.53 per cent in Q4FY23 against 27.23 per cent YoY.

The bank declared a dividend at ₹5.50 per equity share of the face value of ₹2 each fully paid up for the FY23.

The bank said its return on assets (RoA) for FY23 improved by 43 bps YoY to 1.03 per cent (FY23) while RoA for Q4FY23 improved by 77 bps YoY to 1.34 per cent.

Return on equity (RoE) for FY23 increased by 648 bps YoY to 18.34 per cent and for Q4FY23, it stood at 24.82 per cent, up by 1321 bps YoY.

The bank said the robust growth in profitability was supported by healthy net interest income (NII) growth of 33.8 per cent and 26.8 per cent for Q4FY23 and FY23 respectively. The bank's net interest margins (NIM) grew 45 bps YoY to 3.53 per cent and 28 bps YoY for the full year FY23.

"BOB's global advances registered a strong YoY growth of 18.5 per cent in Q4FY23 led by robust retail loan book growth. Bank's organic retail advances grew by 26.8 per cent, driven by growth in high-focus areas such as auto loans (24.4 per cent), home loans (19.5 per cent), personal loans (101.5 per cent), mortgage loans (18 per cent) and education loans (21.8 per cent)," said the lender in a BSE filing.