Public sector lender Bank of Baroda (BoB) has reported a net profit of ₹4,886 crore for the January-March quarter, a growth of 2.3% YoY. The bank's net profit for the full fiscal year grew 26.1% at ₹17,789 crore, driven by healthy operating income growth of 15.3% YoY in FY24, according to an exchange filing.

The bank's net interest income (NII) grew 2.3% year-on-year to ₹11,793 crore in Q4 FY24, while NII for the full fiscal year registered a growth of 8.1% at ₹44,722 crore. The non-interest income for the quarter grew 20.9% YoY to ₹4,191 crore, while non-interest income for the fiscal year surged 44% YoY to ₹14,495 crore.

The bank's operating income for Q4 FY24 stood at ₹15,984 crore and ₹59,217 crore for FY24, registering a growth of 15.3%. The operating profit for the quarter stood at ₹8,106 crore and operating profit for FY24 increased 15.3% to ₹30,965 crore.

BoB says its return on assets sequentially improved by 5 bps at 1.25% for Q4 FY24 and 1.17% for FY24, higher by 14 bps YoY.

The global business grew by 11.2% to reach ₹24,17,464 crore as of March 31, 2024. The global net interest margin (NIM) improved by 17 bps sequentially and stands at 3.27% in Q4 FY24.

The PSU bank's FY24 return on assets (ROA) increased 14 bps YoY and stood at 1.17% for FY24, while the return on equity (ROE) was higher by 61 bps YoY at 18.95% for FY24.

In terms of asset quality, BoB says there has been an improvement, with the reduction in gross NPAs by 87 bps YoY to 2.92% from 3.79% in Q4FY23. The bank’s net NPA was reduced by 21 bps YoY to 0.68% in Q4 FY24 against 0.89% in the year-ago period.

The bank's domestic CASA (current account saving account) deposits registered a growth of 5.4% YoY and stood at ₹4,66,401 crore as of March 31, 2024. The international deposits grew 27% YoY to ₹1,98,444 crore in March 2024.

Notably, in a major respite to BoB, the Reserve Bank of India (RBI) has removed the restrictions on its mobile application, BoB World. this week. With this, the PSU bank will be allowed to onboard new customers through its mobile app once again.

BoB, in an exchange filing, says it has been decided to initiate the process of election of one shareholder director to fill the vacancy, among the shareholders other than the central government. The annual general meeting (AGM) of its shareholders is scheduled to be held on July 5, 2024.

The shares of BoB closed 2.67% down at ₹255.65 apiece on BSE today.

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