Key Highlights:
• Bank of Baroda (BOB) quarterly Net profit higher by 28.4% YoY at INR 4,253 crore in Q2FY24. Net Profit for H1FY24 grew by 51.8% to INR 8,323 crore.
• BOB has delivered ROA of more than 1% and ROE of around 20%, consistently for the last 5 quarters. ROA for Q2FY24 stands at 1.14% and ROE at 19.74%.
Advertisements
• The growth in profitability was supported by healthy Operating Income growth of 25% YoY in Q2FY24.
• Operating income growth was augmented by ~2x YoY growth in Non-Interest Income in Q2FY24.
• Non-interest income growth in Q2FY24 was driven by robust YoY growth in Fee Income (+31.7%), Trading Gains (+69.5%), and Recovery from TWO (~2x)
Advertisements
• Strong growth in Income coupled with a subdued increase in Opex has resulted in robust Operating profit growth of 33% YoY for Q2FY24. Operating profit for H1FY24 higher by 50.1% YoY.
• The Bank has been able to effect a reduction in the Cost to Income ratio by 320 bps YoY to 46.54% for Q2FY24. Cost to Income ratio for H1FY24 also declined by 608 bps YoY to 45.97%
• BOB has witnessed significant improvement in its Asset quality with a reduction in GNPA by 199 bps YoY to 3.32%. The bank’s NNPA improved to 0.76%, a reduction of 40 bps YoY.
Advertisements
• BOB’s balance sheet remained robust with a healthy Provision Coverage Ratio (PCR) of 93.16% with TWO & 77.64% without TWO.
• Credit cost remains below 1% at 0.92% for Q2FY24.
• BOB’s Global Advances registered a strong YoY growth of 17.3% in Q2FY24 led by robust retail loan book growth. The bank’s organic Retail Advances grew by 22.2%, driven by growth in high-focus areas such as Auto Loan (21.1%), Home Loans (16.1%), Personal Loans (67.2%), Mortgage Loans (13.3%), Education Loan (18.3%).
Advertisements
• Bank achieved a total business of INR 22,74,148 crore as of 30th Sep 2023, registering a growth of 15.8% YoY.
Next Story :
-
Asaduddin Owaisi Urges People To Participate In Caste Census
AIMIM President Asaduddin Owaisi urged the people to participate in the ongoing ‘caste census’ being taken up in the State.
-
Heavy Rains In Telangana For Next Three Days
The people of Telangana have been alerted because of moderate to heavy rains in the state for the next three days, according to the Indian Meteorological Department (IMD).
-
Abdul Hafeez From Telangana Elected As SIO India National President
Abdul Hafeez from Telangana was elected as the National President of the Students Islamic Organisation (SIO) of India.
-
Banks To Remain Closed On These Dates In December 2024
Banks will not function on 17 days in December on account of festivals, as well as on second and fourth Saturdays and all Sundays.
Now you can get the latest stories from Hydnow every day. Click the link to subscribe. Click to follow Hydnow’s Facebook page and Twitter and Instagram