Bank of Baroda Q4 earnings: Net profit rises to Rs 4,886 crore, dividend announced
Bank of Baroda Q4 earnings: The banking stock slipped 5.36% to Rs 248.55 on BSE. Market cap of the lender fell to Rs 1.30 lakh crore.
- May 10, 2024,
- Updated May 10, 2024 4:22 PM IST
Bank of Baroda reported a standalone net profit of Rs 4,886.49 crore in the fourth quarter of FY24, clocking a growth of 2.3% from Rs 4,775.33 crore in the year-ago period. Bank of Baroda shares slipped 5.36% to Rs 248.55 on BSE. Market cap of the lender fell to Rs 1.30 lakh crore. Operating profit of the lender climbed 0.4 per cent to Rs 8106 crore in Q4FY24 against Rs 8073 crore in Q4FY23.
Gross non-performing assets in Q4 slipped to 2.92 per cent in Q4 from 3.79 per cent in Q4 of FY23. Net NPAs fell 0.68 per cent in Q4 from 0.89 per cent on a year-on-year basis.
Net interest income (NII) in Q4FY24 rose 2.3% to Rs 11,793 crore in Q4 from Rs 11,525 crore in the corresponding period of the previous fiscal. Global Net Interest Margin (NIM) climbed 17 basis points (bps) sequentially and stood at 3.27% in Q4FY24 from 3.10% in Q3FY24.
Asset quality improved as the gross non-performing assets (GNPA) in Q4FY24 fell 1.5% to Rs 31.833,63 crore from Rs 32,317.56 crore in Q3FY24. Net NPAs climbed Rs 7,213.34 crore from Rs 7,208.31 crore, QoQ.
Net profit margin fell to 14.47% in Q4 against 16.29% in the March 2023 quarter.
The bank is holding an additional provision of Rs 899.56 crore as of March 31, 2024 over and above the IRAC norms in certain stressed standard advances on prudent basis.
The board of directors recommended a dividend of Rs 7.60 per share (380%) for the year ended on March 31, 2024 subject to the requisite approvals from shareholders.
Later, the stock ended 2.84% lower at Rs 255.20 on BSE. Market cap of the bank fell to Rs 1.31 lakh crore.
Earlier, the stock opened higher at Rs 265 on BSE. The stock has a beta of 0.9, indicating low volatility in a year. The banking stock has gained 43.01% in a year and risen 9.11% this year. Total 17.78 lakh shares of the bank changed hands amounting to a turnover of Rs 46.25 crore on BSE.
Bank of Baroda reported a standalone net profit of Rs 4,886.49 crore in the fourth quarter of FY24, clocking a growth of 2.3% from Rs 4,775.33 crore in the year-ago period. Bank of Baroda shares slipped 5.36% to Rs 248.55 on BSE. Market cap of the lender fell to Rs 1.30 lakh crore. Operating profit of the lender climbed 0.4 per cent to Rs 8106 crore in Q4FY24 against Rs 8073 crore in Q4FY23.
Gross non-performing assets in Q4 slipped to 2.92 per cent in Q4 from 3.79 per cent in Q4 of FY23. Net NPAs fell 0.68 per cent in Q4 from 0.89 per cent on a year-on-year basis.
Net interest income (NII) in Q4FY24 rose 2.3% to Rs 11,793 crore in Q4 from Rs 11,525 crore in the corresponding period of the previous fiscal. Global Net Interest Margin (NIM) climbed 17 basis points (bps) sequentially and stood at 3.27% in Q4FY24 from 3.10% in Q3FY24.
Asset quality improved as the gross non-performing assets (GNPA) in Q4FY24 fell 1.5% to Rs 31.833,63 crore from Rs 32,317.56 crore in Q3FY24. Net NPAs climbed Rs 7,213.34 crore from Rs 7,208.31 crore, QoQ.
Net profit margin fell to 14.47% in Q4 against 16.29% in the March 2023 quarter.
The bank is holding an additional provision of Rs 899.56 crore as of March 31, 2024 over and above the IRAC norms in certain stressed standard advances on prudent basis.
The board of directors recommended a dividend of Rs 7.60 per share (380%) for the year ended on March 31, 2024 subject to the requisite approvals from shareholders.
Later, the stock ended 2.84% lower at Rs 255.20 on BSE. Market cap of the bank fell to Rs 1.31 lakh crore.
Earlier, the stock opened higher at Rs 265 on BSE. The stock has a beta of 0.9, indicating low volatility in a year. The banking stock has gained 43.01% in a year and risen 9.11% this year. Total 17.78 lakh shares of the bank changed hands amounting to a turnover of Rs 46.25 crore on BSE.