Bank of Baroda Q2 FY24 results: PAT rises to Rs 4,253 crore, NPA ratio improves
Bank of Baroda 's total income from operations increased by 39 per cent on year to Rs 32,033 crorein Q2 FY23, while its Net interest income (NII) grew by 6.5 per cent YoY to Rs 10,831 crore.
- Nov 4, 2023,
- Updated Nov 5, 2023 9:45 AM IST
Public sector bank Bank of Baroda on Saturday reported a 28.4 per cent rise in net profit for the quarter ended September 2023 to Rs 4,253 crore as compared to the same quarter last fiscal. Its total income from operations increased by 39 per cent on year to Rs 32,033 crore.
Its Net interest income (NII) grew by 6.5 per cent YoY to Rs 10,831 crore. NII is the amount of money earned from interest income minus the amount spent on interest payments or expenses. Operating profit for the quarter increased by 33 per cent on year to Rs 8,020 crore. The cost-to-income ratio reduced to 46.54 per cent from 49.74 per cent a year ago.
Besides, its gross non-performing assets ratio, which measures the bad loans, stood at 3.32 per cent at the end of the September quarter, compared to 5.31 per cent a year ago and 3.51 per cent a quarter ago.
BOB provisions go up 11 percent (QoQ) from Rs 1,974 crore to Rs 2,161 crore.
The shares of the lender ended 1.88 per cent higher on Friday at Rs 203.75. The stock has now gained in four out of the last 10 trading sessions. The shares are up 9 per cent in 2023 so far.
Earlier thsi week, Bank of Baroda's digital lending business head Akhil Handa resigned days after the Reserve Bank of India barred the state-owned lender from onboarding fresh customers on its mobile application 'bob World'.
In a regulatory filing late on Tuesday, Bank of Baroda (BoB) told about the cessation of employment of Akhil Handa.
BoB announced the appointment of Kadgatoor Sheetal Venkatesmurt as head of Digital Channels and Operations and Digital Lending Business. Prior to this, she was the head of Digital Channels and Operations.
On October 10, the Reserve Bank of India (RBI) directed BoB to halt onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.
Also watch: Hot stocks for next week: Birlasoft, Godrej Consumer, Shriram Finance, Sonata Software and more
Public sector bank Bank of Baroda on Saturday reported a 28.4 per cent rise in net profit for the quarter ended September 2023 to Rs 4,253 crore as compared to the same quarter last fiscal. Its total income from operations increased by 39 per cent on year to Rs 32,033 crore.
Its Net interest income (NII) grew by 6.5 per cent YoY to Rs 10,831 crore. NII is the amount of money earned from interest income minus the amount spent on interest payments or expenses. Operating profit for the quarter increased by 33 per cent on year to Rs 8,020 crore. The cost-to-income ratio reduced to 46.54 per cent from 49.74 per cent a year ago.
Besides, its gross non-performing assets ratio, which measures the bad loans, stood at 3.32 per cent at the end of the September quarter, compared to 5.31 per cent a year ago and 3.51 per cent a quarter ago.
BOB provisions go up 11 percent (QoQ) from Rs 1,974 crore to Rs 2,161 crore.
The shares of the lender ended 1.88 per cent higher on Friday at Rs 203.75. The stock has now gained in four out of the last 10 trading sessions. The shares are up 9 per cent in 2023 so far.
Earlier thsi week, Bank of Baroda's digital lending business head Akhil Handa resigned days after the Reserve Bank of India barred the state-owned lender from onboarding fresh customers on its mobile application 'bob World'.
In a regulatory filing late on Tuesday, Bank of Baroda (BoB) told about the cessation of employment of Akhil Handa.
BoB announced the appointment of Kadgatoor Sheetal Venkatesmurt as head of Digital Channels and Operations and Digital Lending Business. Prior to this, she was the head of Digital Channels and Operations.
On October 10, the Reserve Bank of India (RBI) directed BoB to halt onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.
Also watch: Hot stocks for next week: Birlasoft, Godrej Consumer, Shriram Finance, Sonata Software and more