Bank of Baroda Q2 Results: Net Profit Zooms 23.2% To Rs 5,238 Cr; NII Grew By 7.3% YoY To Rs 11,622 Cr

Today, Bank of Baroda (BOB) released its financial results for the quarter that ended on September 30, 2024. In Q2FY25, BOB recorded a standalone net profit of Rs 5,238 crore, up 23.2% YoY from Q2FY24's profit of Rs 4,253 crore. Compared to Rs 8,323 crore in H1 FY24, the net profit for H1FY25 was Rs 9,696 crore (+16.5% growth YoY). In Q2FY25, Net Interest Income (NII) climbed 7.3% year on year to Rs 11,622 crore. NII for H1FY25 was Rs 23,222 crore, representing a 6.4% growth. The bank's non-interest income jumped by 24.2% year on year to Rs 5,181 crore in Q2FY25 from Rs 4,171 crore in Q2FY24. For H1 FY25, non-interest income is Rs 7,669 crore.

In Q2FY25, the bank's cost of deposits rose to 5.12% from 4.92% in Q2FY24. According to BoB, its operating income for the second quarter of FY25 was Rs 16,803 crore, a 12% YoY growth. In H1 FY25, operating income increased by 5.4% to Rs 30,891 crore. According to Bank of Baroda, its operating profit for the second quarter of FY25 was Rs 9,477 crore, an 18.2% YoY growth. Operating profit was Rs 16,638 crore in H1 FY25, a 5.0% rise. The bank's annualised return on assets (ROA) increased from 1.14% in Q2FY24 to 1.30% in Q2FY25. Return on Equity (annualised) for Q2FY25 is 19.22%, while for H1 FY25, it is 17.79%. Return on Assets for H1 FY25 is 1.20%.

According to the bank, its gross non-performing assets (NPA) dropped by 15.9% year on year to Rs 28,551 crore in Q2FY25, and its gross non-performing assets ratio improved from 3.32% in Q2FY24 to 2.50% in Q2FY25. In Q2FY25, the bank's Net NPA Ratio was 0.60%, down from 0.76% in Q2FY24. In Q2FY25, the bank's Provision Coverage Ratio was 93.61%. According to Bank of Baroda, its slippage ratio decreased from 1.81 per cent in Q2FY24 to 1.07% in Q2FY25. Additionally, the slippage ratio decreased from 1.28% in H1 FY24 to 0.90% in H1 FY25. The credit cost, which is 0.65% for Q2FY25 and 0.55% for H1 FY25, stays below 1%.

One of the largest banks in India, Bank of Baroda has a significant domestic footprint that includes 8,343 branches, 10,360 ATMs, and Cash Recyclers that are backed by self-service channels. With 84 overseas offices spread across 17 countries, the bank has a substantial global footprint.