{"id":10570,"date":"2023-05-22T01:14:12","date_gmt":"2023-05-21T19:44:12","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=10570"},"modified":"2023-05-22T01:14:13","modified_gmt":"2023-05-21T19:44:13","slug":"bank-of-baroda-announces-financial-results-for-the-quarter-financial-year-ended-31-st-march-2023","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=10570","title":{"rendered":"Bank of Baroda announces Financial Results for the Quarter &amp; Financial Year ended 31 st March 2023"},"content":{"rendered":"\n<p>Pune (Voice news service):- Key Highlights \u2022 Bank of Baroda (BOB) reported a ~2x growth in profits for FY23 and declared it\u2019s highest ever quarterly and annual net profit of INR 4,775 crore (+168% YoY) and INR 14,110 crore (+94% YoY) respectively.<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>As a result of this significant improvement in profitability the Bank\u2019s Return on Assets (RoA) for FY23 improved by 43 bps YoY to 1.03% (FY23) ; RoA for Q4FY23 improves by 77 bps YoY to 1.34% \u2022 Similarly, Bank\u2019s Return on Equity (RoE) for FY23 increases by 648 bps YoY to 18.34%; RoE for Q4FY23 stands 24.82%, up by 1321 bps YoY \u2022 This robust growth in profitability was supported by healthy Net Interest Income (NII) growth of 33.8% &amp; 26.8% for Q4FY23 &amp; FY23 respectively. \u2022 Sustained NII growth is attributable to growth in advances of 18.5% (YoY) coupled with traction in Net Interest Margins (NIM), which grew 16 bps QoQ \/ 45 bps YoY to end the quarter at 3.53% and 28 bps YoY for the full year FY23.<\/li>\n\n\n\n<li>Strong growth in Income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 43.3% YoY for Q4FY23 and 20% YoY for the financial year 2023.<\/li>\n\n\n\n<li>The Bank has been able to effect a reduction in the Cost to Income ratio by 152 bps and reported a Cost to Income ratio of 47.72% for FY23.<\/li>\n\n\n\n<li>BOB has witnessed significant improvement in its Asset quality with sharp reduction in GNPA by 282 bps YoY &amp; 74 bps QoQ to 3.79%. Bank\u2019s NNPA improved to 0.89% with a reduction of 83 bps YoY and 10 bps QoQ.<\/li>\n\n\n\n<li>BOB\u2019s Provision Coverage Ratio (PCR) remained healthy at 92.43% with TWO &amp; at 77.19% without TWO.<\/li>\n\n\n\n<li>This strong and sustainable improvement in asset quality has resulted in record low Credit Cost for the Bank at 0.14% for Q4FY23 &amp; 0.53% for FY23.<\/li>\n\n\n\n<li>BOB\u2019s Global Advances registered a strong YoY growth of 18.5% in Q4FY23 led by robust retail loan book growth. Bank\u2019s organic Retail Advances grew by 26.8%, driven by growth in high focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18.0%), Education Loan (21.8%).<\/li>\n\n\n\n<li>Bank achieved a total business of INR 21,73,236 crore as of 31st March 2023, registering a growth of 16.6% YoY.<\/li>\n\n\n\n<li>The Board of the Bank has recommended to declare a dividend of INR 5.5 per share, subject to requisite approval<br>Profitability<\/li>\n\n\n\n<li>BOB reported a standalone Net Profit of INR 4,775 crore in Q4FY23 as against a profit of INR 1,779 crore in Q4FY22. It grew by 94% YoY and stands at INR 14,110 crore for FY23.<\/li>\n\n\n\n<li>Net Interest Income (NII) grew by 33.8% YoY to INR 11,525 crore in Q4FY23. NII registered a growth of 26.8% YoY for FY23 and stands at INR 41,355 crore.<\/li>\n\n\n\n<li>Global NIM stands at 3.53% in Q4FY23, increase of 45 bps YoY. NIM for FY23 stands at 3.31% against 3.03% for FY22.<\/li>\n\n\n\n<li>Domestic NIM stands at 3.65% in Q4FY23, increase of 51 bps YoY. NIM for FY23 stands at 3.42% against 3.09% for FY22.<\/li>\n\n\n\n<li>Yield on Advances increased to 8.47% in Q4FY23 as against 6.81% in Q4FY22.<\/li>\n\n\n\n<li>Cost of Deposits stands at 4.43% in Q4FY23 as against 3.53% in Q4FY22.<\/li>\n\n\n\n<li>Operating Income for Q4FY23 stands at INR 14,991 crore, increase of 34.6% YoY. It registered a growth of 16.5% YoY for FY23 and stands at INR 51,381 crore.<\/li>\n\n\n\n<li>Operating Profit for Q4FY23 stands at INR 8,073 crore, increase of 43.3% on a YoY basis. Operating Profit for FY23 stands at INR 26,864 crore up by 20% YoY.<\/li>\n\n\n\n<li>Cost to Income ratio reduced to 46.15% for Q4FY23 as against 49.39% for Q4FY22. It declined by 152 bps YoY and stands at 47.72% for FY23.<\/li>\n\n\n\n<li>Return on Assets (annualised) improved to 1.34% in Q4FY23 from 0.57% in Q4FY22. Return on Assets for FY23 stands at 1.03% up by 43 bps YoY.<\/li>\n\n\n\n<li>Return on Equity (annualised) for FY23 increased by 648 bps YoY to 18.34%.<\/li>\n\n\n\n<li>For the consolidated entity, Net Profit stood at INR 14,905 crore in FY23 as against INR 7,850 crore in FY22.<br>Asset Quality<\/li>\n\n\n\n<li>The Gross NPA of the Bank reduced by 32% YoY to INR 36,764 crore in Q4FY23 and Gross NPA Ratio improved to 3.79% in Q4FY23 from 6.61% in Q4FY22.<\/li>\n\n\n\n<li>The Net NPA Ratio of the Bank stands at a record low of 0.89% in Q4FY23 as compared with 1.72% in Q4FY22.<\/li>\n\n\n\n<li>The Provision Coverage Ratio of the Bank stood at 92.43% including TWO and 77.19% excluding TWO in Q4FY23. Slippage ratio declined to 1.02% for Q4FY23 as against 2.52% in Q4FY22. Slippage ratio for FY23 reduced by 54 bps and stands at 1.07%.<\/li>\n\n\n\n<li>Credit cost for the Q4FY23 stands at 0.14% and 0.53% for the full year.<br>Capital Adequacy \u2022 CRAR of the Bank stands at 16.24% in Mar\u201923. Tier-I stood at 13.99% (CET-1 at 12.24%, AT1 at 1.75%) and Tier-II stood at 2.25% as of Mar\u201923.<\/li>\n\n\n\n<li>The CRAR and CET-1 of consolidated entity stands at 16.73% and 12.83% respectively<\/li>\n\n\n\n<li>The Liquidity Coverage Ratio (LCR) consolidated stands at 135.4%.<br>Business Performance<\/li>\n\n\n\n<li>Global Advances of the Bank increased to INR 9,69,548 crore, +18.5% YoY.<\/li>\n\n\n\n<li>Domestic Advances of the Bank increased to INR 7,95,560 crore, +16.3% YoY.<\/li>\n\n\n\n<li>International advances grew by 6.3% sequentially in Q4FY23 stands at INR 1,73,988 crore.<\/li>\n\n\n\n<li>Global Deposits increased by 15.1% YoY to INR 12,03,688 crore.<\/li>\n\n\n\n<li>Domestic Deposits increased by 13% YoY to INR 10,47,375 crore in Mar\u201923.<\/li>\n\n\n\n<li>International Deposits grew by 31.4% on a YoY basis to INR 1,56,313 crore in Mar\u201923.<\/li>\n\n\n\n<li>Domestic CASA deposits registered a growth of 7.9% YoY and stands at INR 4,42,511<br>crore.<\/li>\n\n\n\n<li>Domestic Saving deposits grew by 7.6% on a YoY basis in Mar\u201923 and Domestic Current deposits registered a growth of 9.2% YoY.<\/li>\n\n\n\n<li>Organic Retail Advances grew by 26.8%, led by growth in high focus areas such as Auto Loan (24.4%), Home Loan (19.5%), Personal Loan (101.5%), Mortgage Loan (18%), Education Loan (21.8%) on a YoY basis.<\/li>\n\n\n\n<li>Agriculture loan portfolio grew by 13.2% YoY to INR 1,24,247 crore.<\/li>\n\n\n\n<li>Total Gold loan portfolio (including retail and agri.) stands at INR 38,251 crore, registering<br>a growth of 30.5% on a YoY basis.<\/li>\n\n\n\n<li>Organic MSME portfolio grew by 11.7% YoY to INR 1,08,196 crore.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Pune (Voice news service):- Key Highlights \u2022 Bank of Baroda (BOB) reported a ~2x growth in profits for FY23 and declared it\u2019s highest ever quarterly and annual net profit of INR 4,775 crore (+168% YoY) and INR 14,110 crore (+94% YoY) respectively.<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[112,71],"tags":[],"class_list":["post-10570","post","type-post","status-publish","format-standard","hentry","category-bank","category-business"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/10570","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=10570"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/10570\/revisions"}],"predecessor-version":[{"id":10571,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/10570\/revisions\/10571"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=10570"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=10570"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=10570"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}