Bank of Baroda Reports Strong Q2 FY24 Results, Net Profit Up 28.4%

6 Nov 2023 , 11:58 AM

Bank of Baroda (BoB) reported a 28.4 % year-on-year (y-o-y) increase in net profit, reaching Rs 4,253 crore in Q2 FY24. Net interest income (NII) grew by 6.5 %, totaling Rs 10,831 crore in Q2, compared to Rs 10,174 crore in the same quarter of the previous year.

The bank’s net interest margin (NIM) decreased to 3.07 % in Q2 FY24, down from 3.33 % in Q2 FY23, with revised NIM guidance for FY24 at 3.15 % (plus or minus five basis points). Non-interest income, including fees, commissions, treasury income, and recoveries, increased to Rs 4,171 crore in Q2 FY24 from Rs 1,826 crore in the prior year.

Provisions for non-performing assets (NPAs) and bad debt rose to Rs 2,285 crore in Q2 FY24, up from Rs 1,654 crore in the same period a year ago.

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