BOB Q4 Results: PAT Up 2.3% To Rs 4,886 Cr, NII Up 2.3% YoY To Rs 11,793 Cr; Rs. 7.60 Dividend Declared

The financial results for the quarter and year that ended on March 31, 2024, have been released by Bank of Baroda (BOB). In comparison to Q4FY23's profit of Rs 4,775 crore, BOB recorded a standalone net profit of Rs 4,886 crore in Q4FY24, indicating a 2.3% growth. In comparison to FY23's Rs 14,110 crore, the net profit for FY24 was Rs 17,789 crore, up 26.1% YoY.

Net Interest Income (NII) for the bank climbed 2.3% YoY in Q4FY24 to Rs 11,793 crore. NII grew by 8.1% in FY24 and is now worth Rs 44,722 crore. To Rs 4,191 crore, the bank's non-interest income for the quarter jumped by 20.9% YoY. FY24's Non-Interest Income was Rs 14,495 crore, growing 44.6% YoY.

In Q4FY24, BOB's Global NIM rises by 17 bps sequentially to 3.27%. The global NIM for FY24 is 3.18%. Operating Income for the fourth quarter of FY24 is Rs 15,984 crore. Operating Income for FY24 is Rs 59,217 crore, representing a 15.3% growth.

The bank's operating profit for the fourth quarter of FY24 was Rs 8,106 crore, and for FY24, it climbed by 15.3% to Rs 30,965 crore. The annualised Return on Assets (annualised) of Bank of Baroda grew by 5 basis points in a row and is now 1.25 per cent for Q4FY24. The FY24 RoA figure is 1.17%, which is 14 basis points higher year on year. The Q4FY24 Return on Equity (annualised) is 20.83%. For FY24, RoE climbed by 61 bps YoY to 18.95%.

In Q4FY24, the bank's Gross Non-Performing Asset (NPA) dropped by 13.4% YoY to Rs 31,834 crore, while the NPA Ratio fell to 2.92% from 3.79% in Q4FY23. In Q4FY24, the bank's Net NPA Ratio was 0.68%, down from 0.89% in Q4FY23. In Q4FY24, the bank's provision coverage ratio was 93.30%. The slippage ratio dropped from 1.07% in FY23 to 0.99% in FY24. The quarter's slippage ratio stands at 1.12%. For Q4FY24 and FY24, the credit cost is 0.57% and 0.67%, respectively.

The bank's domestic advances climbed to Rs 8,98, 116 crore, +12.9% YoY, while its global advances climbed to Rs 10,90,506 crore, +12.5% YoY. During March 24, the bank's domestic deposits climbed by 7.7% YoY to Rs 11,28,514 crore, while its global deposits shot up by 10.2% YoY to Rs 13,26,958 crore. As of March 31, 2024, Bank of Baroda's domestic CASA deposits have grown 5.4% YoY to Rs 4,66,401 crore. During March 24, international deposits jumped 27% YoY to Rs 1,98,444 crore.

The Board of Directors "Recommended a dividend at Rs. 7.60/-(Rupees Seven and Paise Sixty only) per equity share (Face Value Rs.2/- each fully paid up) for the FY2023-24 subject to declaration / approval at the ensuing 28th Annual General Meeting. Bank has fixed 29th June 2024 to 05th July 2024 (both days inclusive) as Book Closure dates for the purpose of 28th AGM and dividend payment. Hence, shareholders having shares as on the cut date i.e 28th June 2024 shall be eligible for dividend payment," said Bank of Baroda in a regulatory filing on Friday.