Bank of Baroda announces Financial Results for the Quarter & Financial Year ended 31st March 2023

 

MUMBAI: "Bank of Baroda" reported a standalone net profit of Rs 4,775 crore, up 168% year-on-year (YoY) for the fourth quarter ended March 2023. In the same quarter of last year, it posted a net profit of Rs 1,779 crore.

Its 'Net Interest Income' (NII) for the quarter grew 33.8% at Rs 11,525 crore. Meanwhile, NII registered a growth of 26.8% YoY for FY23 to Rs 41,355 crore.

Global NIM stood at 3.53% in Q4FY23, an increase of 45 bps YoY. NIM for FY23 stood at 3.31 % against 3.03% for FY22. Domestic NIM stood at 3.65% in Q4FY23, a rise of 51 bps YoY. NIM for FY23 stood at 3.42% as compared to 3.09% for FY22.

The bank reported a strong quarter on the asset quality front with both gross non-performing assets (NPAs) and net NPAs on the downward trend. The gross NPA of the bank fell to 3.79% in the January-March period, compared with 6.61% in the year-ago quarter.

Meanwhile, net NPAs too were at a record low of 0.89% in Q4 FY23 as against 1.72% in Q4 FY22.

“The Bank has recommended a dividend at Rs 5.50 per equity share (Face Value Rs.2/- each fully paid up) for the FY2022-23 subject to declaration/ approval at the ensuing 27th Annual General Meeting,” Bank of Baroda said in an exchange filing.

The Board of Directors of Bank of Baroda has fixed July 1, 2023, to July 7, 2023 (both days inclusive) as Book Closure dates for the 27th AGM and dividend payment. Hence, shareholders having shares as of the cut-off date i.e. 30th June 2023 shall be eligible for dividends.

Global advances of the Bank increased to Rs 9,69,548 crore, up 18.5% YoY, led by robust retail loan book growth. Meanwhile, domestic advances of the Bank increased to Rs 7,95,560 crore, up 16.3% YoY. International advances grew by 6.3% sequentially in Q4FY23 and stood at Rs 1,73,988 crore.

Its organic retail advances grew by 26.8%, driven by growth in high-focus areas such as Auto Loans (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18.0%), Education Loan (21.8%). Global deposits of the bank surged by 15.1% YoY to Rs 12,03,688 crore. Domestic deposits increased by 13% YoY to Rs 10,47,375 crore in March 2023.

The bank's operating income grew 34.6% YoY during the Q4 FY23 to Rs 6,823 crore, while operating profit for the March quarter stood at Rs 8,073 crore, up 43.3% YoY.

Return on Assets for FY23 stood at 1.03%, up by 43 bps YoY, while Return on Equity for FY23 increased by 648bps YoY to 18.34%.