Bank of Baroda on Saturday, August 5, reported an 87.7 per cent year-on-year jump in its net profit to Rs 4,070 crore for June 2023 quarter. Its net interest income (NII) during April-June 2023 grew 24 per cent YoY to Rs 10,997 crore in Q1FY24.
The state-owned bank’s net profit had stood at Rs 2,168 crore in the corresponding quarter last year.
Its gross non-performing assets of the bank declined to 3.51 per cent as compared with 6.26 per cent last year, according to a regulatory filing.
“Sustained NII growth is attributable to growth in advances of 18 per cent (YoY) coupled with traction in Net Interest Margins (NIM), which grew 25 bps YoY at 3.27 per cent,” it said.
Shares of Bank of Baroda on Friday, August 5, closed at Rs 191.35 apiece on the BSE, which is 1.95 per cent lower than the previous close.
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