Bank of Baroda Q4 Results, NII and Net Profit Beats Street Estimates

The Public Sector Bank, Bank of Baroda has reported its Q4 FY 2023-24 results today, The Net profit in this quarter rose by 2.3% on a year-on-year basis to Rs.4,886.5 crores as compared to  Rs.4,775.3 crores in Q4 FY 2022-23.

Q4 Performance of Bank of Baroda

In the fourth quarter of FY24, Bank of Baroda, the state-run lender, posted a standalone net profit of Rs.4,886.5 crore, marking a modest 2.3% increase from Rs.4,775.3 crore in the same period last year. The bank also saw a 2.3% rise in its net interest income (NII) for Q4FY24, reaching Rs.11,793 crore compared to Rs.11,525 crore YoY. Additionally, for the fiscal year 2023-24, the bank has recommended a dividend of Rs.7.60 per equity share with a face value of Rs.2 each fully paid up. 

Bank of Baroda has witnessed improvement in its asset quality as the Gross non-performing assets (GNPA) in Q4FY24 declined to Rs.31,833.63 crore from Rs.36763.68 crore in Q4 FY 2022-23, while Net NPA declined to  Rs.7,213.34 crore from Rs.8,384.32 crore, QoQ.

Market Reaction on Results

The stocks of Bank of Baroda cracked by 3% after the Q4 FY 2023-24 results of the Public Sector Bank were announced, The stock closed at Rs.254.85 a piece down by -2.97% from its previous day’s closing price. 

The stock has made a 52-week high and low of Rs.285.60 and Rs.172.80 respectively.

Conclusion: The public sector bank has reported a steady growth of 2.3% on both net profit and net interest income basis, While the asset quality for the bank in this quarter has improved on a year-on-year basis, The stock has closed on a price of Rs.254.85 today.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.