Bank of Baroda’s Q4 Net Profits Jumps 168% To Rs 4,775 Cr

Bank of Baroda (BoB) on Tuesday (BoB) reported an increase of 168 per cent on a net profit of Rs 4,775 crore for the quarter that ended in March 2023 over the corresponding period last year.

The bank credited the profits result with increased interest income and a provisional drop in bad loans. The earned interest stood at Rs 25,857 crore in Q4 FY23, year-on-year (YoY), compared to Rs 18,174 crore in the corresponding period last year. Subsequently, its announced dividend was Rs 5.5 per share.

The state-owned bank’s exchange filing said the lender's board recommends a dividend at Rs 5.50 (rupees five and fifty paise only) per equity share (face value Rs 2 each fully paid up) for the FY 2022-2023, subject to declaration or approval at the 27th Annual General Meeting (AGM).

It mentioned the first week of July as the book closing period ending on 7th July 2023 proposed for the 27th AGM and dividend payment. Further underlining shareholders having shares as of June 30, 2023 are eligible for a dividend.

The PSU lender's March 2023, total quarter revenue stood at Rs 29,322.74 crore against Rs 20,695.90 crore in the same period last year.

The bank also witnessed a decline in gross non-performing assets (NPAs) to advances by 3.79 per cent in Q4 from 4.53 per cent in Q3 FY 23 and 6.61 per cent in Q4 FY 22. While its operating profit margins improved to 27.53 per cent, YoY.

As of 31 March 2023, the BoB's components of cash and cash equivalents were reported at Rs 95,703.24 crore.