Bank of Baroda Reports Strong Q1FY24 Results

7 Aug 2023 , 11:52 AM

Bank of Baroda’s share price traded with minimal gains in the morning session on BSE on Monday, indicating cautious investor sentiment post the release of Q1FY24 financial results.

Bank of Baroda reported an impressive 87.72% year-on-year (YoY) jump in net profit during the April to June 2023 quarter, signaling robust growth in profitability.

The bank’s Q1FY24 Operating Income recorded a significant 42.9% YoY growth, driven by a strong Net Interest Income (NII) increase of 24.4% YoY and substantial growth in Non-Interest Income (2.8 times YoY).

The net interest income (NII) of the lender surged 34% to Rs 11,525 crore during the January to March 2023 quarter compared to Rs 8,612 crore YoY.

As per data, Net interest margin (NIM) saw a YoY rise to 3.31% from 3.03%, reflecting favorable interest rate dynamics. Bank of Baroda’s asset quality improved during the quarter, while deposit growth remained strong, contributing to its overall positive financial performance.

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