Bank of Baroda Q1 Results: Bank’s net profit increased by 10 percent, asset quality improved
New Delhi| Public sector Bank of Baroda (BoB) reported a 10 per cent rise in net profit on a standalone basis to Rs 4,458 crore for the quarter ended June, 2024. Its benefits have increased due to reduction in bad loans. The bank on Wednesday informed the stock markets about the financial results for the April-June quarter. The bank had made a net profit of Rs 4,070 crore in the same period a year ago.
The bank’s total income rose to Rs 32,116 crore in the June quarter from Rs 29,878 crore a year earlier. BOB’s income from interest also increased to Rs 29,629 crore in this period from Rs 26,556 crore a year earlier. The bank’s gross non-performing assets (GNPA) declined to 2.88 per cent of total debt during this period compared to 3.51 per cent in FY 2023-24. Net NPAs (trapped loans) also declined to 0.69 per cent over the same period.
In the same period last year, it was 0.78 per cent. The bank’s capital adequacy ratio increased to 16.82 percent at the end of June, 2024 compared to 15.84 percent in the same period a year earlier.
