Bank of Baroda posted fiscal fourth quarter profit at Rs 5,255.17 crore, up 158.7 per cent from Rs 2,031.55 crore in the same quarter last year. “This robust growth in profitability was supported by healthy Net Interest Income (NII) growth of 33.8 per cent and 26.8 per cent for Q4FY23 and FY23 respectively,” it said in a regulatory filing. The total income for the quarter was at Rs 32,528.06 crore, up 44.8 per cent as against Rs 22,470.46 crore in the fourth quarter of FY22. Bank of Baroda’s provisions stood at Rs 2158.36 crore. The Board also recommended a dividend at Rs 5.50 per equity share of face value Rs 2 each for the financial year 2023.
Bank of Baroda has witnessed significant improvement in its asset quality with sharp reduction in GNPA by 282 bps YoY to 3.79 per cent. Bank’s NNPA improved to 0.89 per cent with a reduction of 83 bps YoY. “This strong and sustainable improvement in asset quality has resulted in record low credit cost for the Bank at 0.14 per cent for Q4FY23,” it said.