{"id":11580,"date":"2023-08-06T21:18:43","date_gmt":"2023-08-06T15:48:43","guid":{"rendered":"https:\/\/timesofpowerandvoice.com\/?p=11580"},"modified":"2023-08-06T21:18:46","modified_gmt":"2023-08-06T15:48:46","slug":"bank-of-baroda-announces-financial-results-for-the-quarter-ended-30th-june-2023","status":"publish","type":"post","link":"https:\/\/timesofpowerandvoice.com\/?p=11580","title":{"rendered":"Bank of Baroda announces Financial Results for the Quarter ended 30th\u00a0June 2023"},"content":{"rendered":"\n<p>Key Highlights<\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li>Bank of Baroda (BOB) quarterly Net profit higher by 87.7% YoY at INR 4,070 crore in Q1FY24.<\/li>\n\n\n\n<li>BOB has delivered ROA of more than 1% and ROE around 20%, consistently for last 4 quarters.<\/li>\n\n\n\n<li>This robust growth in profitability was supported by healthy Operating Income growth of 42.9% YoY in Q1FY24.<\/li>\n\n\n\n<li>Operating income growth was driven by strong Net Interest Income (NII) growth of 24.4% YoY in Q1FY24 coupled with robust growth in Non-Interest Income which grew 2.8x YoY.<\/li>\n\n\n\n<li>Sustained NII growth is attributable to growth in advances of 18.0% (YoY) coupled with traction in Net Interest Margins (NIM), which grew 25 bps YoY at 3.27%.&nbsp;<\/li>\n\n\n\n<li>Strong growth in Income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 73% YoY for Q1FY24.<\/li>\n\n\n\n<li>The Bank has been able to effect a reduction in the Cost to Income ratio (excluding Revaluation of Investment) by 166 bps YoY to 47.43% for Q1FY24.<\/li>\n\n\n\n<li>BOB has witnessed significant improvement in its Asset quality with reduction in GNPA by 275 bps YoY to 3.51%. Bank\u2019s NNPA improved to 0.78% with a reduction of 80 bps YoY.<\/li>\n\n\n\n<li>BOB\u2019s balance sheet remained robust with healthy Provision Coverage Ratio (PCR) of 93.23% with TWO &amp; at 78.52% without TWO.<\/li>\n\n\n\n<li>This strong and sustainable improvement in asset quality has resulted in 5 bps YoY declined in Credit Cost at 70bps for Q1FY24. Excluding prudential provisions credit cost would have been 44 bps in Q1FY24.<\/li>\n\n\n\n<li>BOB\u2019s Global Advances registered a strong YoY growth of 18.0% in Q1FY24 led by robust retail loan book growth. Bank\u2019s&nbsp;<a>organic Retail Advances grew by 24.8%, driven by growth in high focus areas such as Auto Loan (22.1%), Home Loan (18.4%), Personal Loan (82.9%), Mortgage Loan (15.8%), Education Loan (20.8%).<\/a><\/li>\n\n\n\n<li>Bank achieved a total business of INR 21,90,896 crore as of 30<sup>th<\/sup>&nbsp;June 2023, registering a growth of 17.0% YoY.<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Key Highlights<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[112],"tags":[],"class_list":["post-11580","post","type-post","status-publish","format-standard","hentry","category-bank"],"_links":{"self":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/11580","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=11580"}],"version-history":[{"count":1,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/11580\/revisions"}],"predecessor-version":[{"id":11581,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=\/wp\/v2\/posts\/11580\/revisions\/11581"}],"wp:attachment":[{"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=11580"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=11580"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/timesofpowerandvoice.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=11580"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}