BoB Q2 Results Out: Net Profit Rise By 28.4 % To Rs 4.253 Cr

The public sector bank, Bank of Baroda released its Q2 results on 4 November, in which it reported a net profit of Rs 4,253 crore in the second quarter of the fiscal year 2023 -24 and records a jump of 28.4 per cent against the previous year. The rise in profit was credited to robust loan growth.

The Bank of Baroda lender's net interest income (NII) increased by 6.5 per cent on-year during the quarter under review, as it came in at Rs 10,830.70 crore, as against Rs 10,174.5 crore in the year-ago period.

The lender’s provisions for non-performing assets (NPAs) and bad debt expanded to Rs 2,285 crore in Q2, from Rs 1,654 crore in the year-ago period.

Total deposits increased by 14.6 per cent y-o-y to Rs 12.49 trillion. The share of low-cost deposits — current account and savings account (Casa) — was 38.28 per cent at the end of September, down from 39.57 per cent a year ago. Net NPAs declined from 1.16 per cent in September 2022 to 0.76 per cent in September 2023.

Last month, the bank was in focus after the Reserve Bank of India (RBI) on 11 October ordered it to suspend further customer onboarding on its ‘Bob World’ mobile app with immediate effect.