Bank of Baroda's profit increased by 9.5 percent in the first quarter of FY 2024-25

R L Pandey

Lucknow. #BankofBaroda has announced its financial results for the quarter ended June 30, 2024. Bank of Baroda's net profit has increased by 9.5 percent year-on-year to Rs 4458 crore in the first quarter of FY 2024-25. It was Rs 4070 crore in the same period last year.

Talking about the financial results, Bank of Baroda Managing Director Debdutt Chand said that the return on assets has been more than one percent for 8 consecutive quarters and in the first quarter of FY 25 it has increased to 1.13 percent. Due to improvement in asset quality, BOB's gross NPA improved by 63 points to 2.88 per cent in the first quarter of FY 2024-25 on a year-on-year basis, while net NPA stood at 0.69 per cent as against 0.78 per cent in the first quarter of the previous financial year.

The bank's Managing Director said that the capital adequacy ratio (CRAR) stood at 16.82 per cent in the first quarter of FY 2024-25, while the global net interest margin stood at 3.18 per cent during the same period. The operating profit in the first quarter of FY 2024-25 was Rs 7161 crore, while the credit cost was below one per cent at 0.47 per cent. The bank has achieved a healthy liquidity ratio of around 138 per cent as on June 30, 2024.

BOB's global advances registered a growth of 8.1 per cent on a year-on-year basis in the first quarter of FY 2024-25. Retail advances of the bank have increased by 20.9 percent. Vehicle loans have increased by 25.1 percent, housing loans by 14.7 percent, personal loans by 39.2 percent and educational loans by 18.8 percent. Global deposits of Bank of Baroda have increased by 8.9 percent to Rs 1306994 crore in the first quarter of FY 25. Global business has increased by 8.6 percent year-on-year to Rs 2378675 crore.