Bank of Baroda announces Financial Results for the Quarter ended 30th June 2024

Key Highlights

•  The bank’s Net Profit registers a YoY growth of 9.5% reaching a level of INR 4,458 crore, driven by lower credit costs.
•  Return on Assets (ROA) remains consistently above 1% for 8 quarters and stands at 1.13% for Q1FY25.
•  BOB has witnessed an improvement in its Asset quality with a reduction in GNPA by 63 bps YoY to 2.88% from 3.51% in Q1FY24.
•  Bank’s NNPA reduced by 9 bps YoY to 0.69% in Q1FY25 as against 0.78% in Q1FY24.
•  Strong capital position with CRAR at 16.82% for Q1FY25
•  Global Net Interest Margin (NIM) stands at 3.18% in Q1FY25.
•  Operating Profit stands at INR 7,161 crore in Q1FY25.
•  Credit cost remains below 1% at 0.47% for the quarter.
•  BOB’s balance sheet remains robust with a healthy Provision Coverage Ratio (PCR) of 93.32% with TWO & 76.58% without TWO.
•  Healthy Liquidity Coverage Ratio (LCR) of approx. 138% as of 30th June 2024.
•  BOB’s Global Advances registered a growth of 8.1% YoY in Q1FY25 led by robust retail loan book growth. The bank’s organic Retail Advances grew by 20.9%, driven by strong growth across segments such as Auto Loans (25.1%), Home Loans (14.7%), Personal Loans (39.2%), Mortgage Loans (11%), Education Loans (18.8%).
•  Global Deposits grew by 8.9% YoY to INR 13,06,994 crore in Q1FY25.
•  Global Business grew by 8.6% YoY and stands at INR 23,78,675 crore as of 30th June 2024.