Bank of Baroda’s Net Profit 88% in Q1

Bank of Baroda (NS:BOB), India’s leading public sector lender, announced its results for the quarter ended 30 June 2023, showing that growth is having a good effect.
Bank of Baroda (NS:BOB), India’s leading public sector lender, announced its results for the quarter ended 30 June 2023, showing that growth is having a good effect.

State-owned lender reported that its revenue increased from Rs 2,168 in the first quarter of 2023-24 to Rs 40.70 in the first quarter of 2023-24, up 87.7 percent year on year. The same period last year benefited from healthy operating income during the period.

The largest company reported healthy double-digit growth in net interest income (NII) in April-June, reaching 1,099.7 crore, up 24% year-on-year compared to 8,838 crore a year ago.

PSU Bank’s operating profit increased by 72 percent.
The quarter was up 8% year-on-year to Rs 7,824 compared to Rs 4,528, down 3% from last year’s quarter.

While the net interest margin (NIM), which is the main profitability measure of the bank, increased by 25 basis points (bps) to 3.27% in the first quarter of 2024, the domestic net net interest rate increased by 34 basis points year-on-year to 3% in the third quarter. It rose to 41.

Bank of Baroda saw a significant increase in operating income42.
June quarter rose 9% year-on-year, led by strong NII growth, and noninterest income increased 2.8x year-on-year.

NII continues to rise thanks to 18% annual growth in advances and interest from NIM. As of 30 June 2023, the bank reached a total business volume of Rs 2,190,896, up 17% year on year.

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