Bank of Baroda on Friday (May 10) reported 2.3% rise in net profit for the fourth quarter of FY24. The bank’s performance surpassed the estimates of analysts, with net profit standing at ₹4,886.5 crore as opposed to the CNBC-TV18 poll projection of ₹4,576.2 crore.
Read More: Akshaya Tritiya 2024: Gold Prices Dip A Bit Ahead Of Festival, City-Wise Rates List
Key highlights of Bank of Baroda’s Q4FY24 earnings include a loan growth of 13% year-on-year and 4% quarter-on-quarter.
Additionally, the Net Interest Margin (NIM) witnessed an improvement, reaching 3.27% compared to 3.10% in the previous quarter.
In terms of asset quality, Bank of Baroda reported a reduction in its Gross Non-Performing Assets (NPA) ratio to 2.92% from 3.08% in the previous quarter.
Bank of Baroda has recommended a dividend of ₹7.60 per equity share of face value ₹2 each, fully paid up for the financial year 2023-24.
The lender’s share price experienced a decline of over 3% following the announcement of the Q4 results.
Read More: Good News For PhonePe, Google Pay; India To Delay UPI Payments Market Cap: Report
At 3:10 pm, Bank of Baroda shares were trading 3.14% lower at ₹254.40 apiece on the BSE.
