Bank Of Baroda Q1 results : Net Profit zooms 88% YoY to Rs 4,070 Cr

Last Updated on August 5, 2023 by Brajesh

Bank Of Baroda, one of the leading Public Sector Bank has reported its Q 1 numbers on Saturday 5th Aug 2023, Net Profit zooms 88% YoY to Rs 4,070 Cr.

Bank Of Baroda Q1 results

Financial Numbers

As expected Bank has shown excellent performance in Q1 where Profit surges 88percent YoY to Rs 4070 Cr against Rs 2168 Cr in Q1 of FY 22-23. Significant growth observed in Bank Net Interest Income for Q1, Net Interest Income generated In June Qtr. is Rs 10,997 Cr against 8,838 Cr in June 2022 Qtr. resulting in growth of 24.4 percent.

Non Interest Income has also gone up to Rs 3322 Cr in June 2023 against Rs 1182 Cr in June 2022 Qtr.

Improved result in Interest and Non Interest Income has strengthen the Operating performance of the bank. Bank has reported Rs 7,824 Cr as Operating profit in Q1 for FY 23-24 which is up by 73 percent YoY basis.

Operating results of BOB will certainly motivate employees as they will get good Performance Linked Incentive for FY 23-24.

Business performance

Loans & Advance for Bank has improved by 18percent on YoY basis. Advance has increased to Rs 9,90,988 Cr against Rs 8,39,785 Cr in Q1 of FY 22-23.

Total Deposit for the bank has gone up by 16.2 percent to Rs 11,99,908 Cr in Q 1 for FY 23-24. Last year in same Qtr. total deposit of the Bank was Rs 10,32,714 Cr.

Above figures of Loans & Advances and Deposits includes International numbers too.

Asset Quality

Both the parameters i.e. Gross NPA & Net NPA has shown an improvement in Q1. Gross NPA improved by 275 bps and latest numbers reported is 3.51 percent, whereas Net NPA improved by 80bps and final number as at June 23 is .78 percent.

Other parameters

CASA Deposit, Current Account Saving Account Deposit as at June 2023 is reported at 40.33 percent against 44.18 percent in June 2022.

Capital Adequacy ration of the bank has shown an improvement of 38 bps to 15.84 percent. In June 2022 , CAR was reported as 15.46 percent.

Provision Coverage Ratio under NCLT accounts is 96.43%.

 

Enhancing Employee Engagement (Best Place to Work certified Public Sector Bank)

Bank considers its employees as the most valuable assets and has been continuously undertaking multiple initiatives for ensuring better employee engagement. This has resulted in fetching recognition as ‘Great Place to Work’ for the Bank consecutively for second time in a row by ‘Great Employers Pvt. Ltd.’, known as ‘Great Place to Work Institute’ worldwide, which is a gold standard recognition for recognizing
work place culture in organizations around the globe.

 

Analyst Presentation can be viewed here

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