New Delhi: Bank of Baroda, the second-largest public sector bank, disclosed a standalone net profit of Rs 4,886 crore for the quarter ending on March 31, 2024. This represents a modest increase of 2.3% compared to the previous year's figure of Rs 4,775 crore.
Total income surged to Rs 33,775 crore in the quarter, up from Rs 29,323 crore in the same period last year. However, the growth was subdued due to sluggish net interest income (NII) and rising cost pressures, according to reports.
Non-interest income witnessed a significant 20.9% rise to Rs 4,191 crore in the current quarter, compared to Rs 3,466 crore in the corresponding period last year. Notably, net NPAs decreased to 0.68% of advances, down from 0.89% in 2023.
Domestic advances saw a robust 12.9% year-on-year increase in Q4 FY24, reaching Rs 9.98 trillion, while personal loans soared by 51.6% to Rs 29,784 crore. The bank's Provision Coverage Ratio stood at 93.30% by March 2024.
Overall, Bank of Baroda's total income for FY24 climbed to Rs 1,27,101 crore, compared to Rs 99,614 crore in the previous fiscal year.
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