Bank of Baroda reports 10% increase in Q1 net profit to Rs 4,458 crore

Bank of Baroda Q1 earnings: Bank of Baroda (BoB) reported a 10 per cent rise in its standalone net profit for the June 2024 quarter, reaching Rs 4,458 crore, driven by a decline in bad loans.

The state-owned bank's net profit in the corresponding period last year was Rs 4,070 crore.

BoB's total income for the quarter increased to Rs 32,116 crore from Rs 29,878 crore, as stated in a regulatory filing. The bank's interest income also saw an uptick, rising to Rs 29,629 crore compared to Rs 26,556 crore in the same quarter a year earlier.

The bank's Gross Non-Performing Assets (NPAs) fell to 2.88 per cent of gross advances by June 2024, down from 3.51 per cent in FY24. Net NPAs also decreased to 0.69 per cent from 0.78 per cent at the end of the first quarter of the previous year.

This reduction in NPAs led to a decrease in provisions and contingencies, which dropped to Rs 1,011 crore in the April-June period of FY25 from Rs 1,947 crore in the same period the previous year.

Additionally, the bank's capital adequacy ratio improved to 16.82 per cent at the end of June 2024, up from 15.84 per cent in the year-ago period. 

(With PTI inputs)