Bank of Baroda Q4 Result Highlights, Financial Growth, and Strategic Initiatives

Bank of Baroda Q4 Result

Bank of Baroda (BoB) has announced its financial results for the fourth quarter and the full financial year ending March 31, 2024. Bank of Baroda has demonstrated strong financial performance in Q4FY24 and throughout the year. 

The bank has achieved significant growth in profits, improved asset quality, and maintained robust liquidity. This positive performance reflects the bank's effective strategies and resilience in a challenging environment.

Net Profit:

• For the full year (FY24), BoB's net profit rose by 26.1% to INR 17,789 crore.
• For the fourth quarter (Q4FY24), net profit was INR 4,886 crore, a 2.3% increase from the same period last year.
• The total global business grew by 11.2%, reaching INR 24,17,464 crore.
• The consolidated net profit for the year was INR 18,767 crore.
• The Capital Adequacy Ratio (CRAR) was 16.68%, and the Common Equity Tier 1 (CET-1) ratio was 13.02%.

Advances and Deposits:

• Global advances (loans) increased by 12.5% to INR 10,90,506 crore.
• Domestic advances rose by 12.9% to INR 8,98,116 crore.
• Global deposits grew by 10.2% to INR 13,26,958 crore.
• Domestic deposits increased by 7.7% to INR 11,28,514 crore.
• International deposits surged by 27% to INR 1,98,444 crore.

Profitability:

• Net Interest Income (NII) for the year grew by 8.1% to INR 44,722 crore.
• Non-interest income for the year jumped by 44.6% to INR 14,495 crore.
• Operating income for the year was up by 15.3% to INR 59,217 crore.
• Operating profit for the year grew by 15.3% to INR 30,965 crore.
• The bank’s global net interest margin (NIM) for Q4FY24 was 3.27%, and 3.18% for the full year.

Asset Quality:

• Gross Non-Performing Assets (NPA) improved, reducing to 2.92% from 3.79% last year.
• Net NPA dropped to 0.68% from 0.89%.
• The provision coverage ratio (PCR) was strong at 93.30% (including write-offs) and 77.34% (excluding write-offs).

Return Metrics:

• Return on Assets (ROA) for the year improved to 1.17%.
• Return on Equity (ROE) for the year increased to 18.95%.
• The bank’s liquidity coverage ratio (LCR) stood at 120.6%, indicating strong liquidity.

Segment Growth

• Overall retail loans grew by 20.7%.
• Auto loans increased by 23.8%.
• Home loans went up by 14.1%.
• Personal loans surged by 51.6%.
• Mortgage loans grew by 11.4%.
• Education loans increased by 19.6%.
• Agricultural loans grew by 11.6% to INR 1,38,640 crore.
• Gold loan portfolio increased by 24.1% to INR 47,472 crore.
• MSME loans grew by 10.4% to INR 1,19,415 crore.
• Corporate loans rose by 11.6% to INR 3,79,747 crore.

Standalone Financial Results for the Quarter

Statement Of Assets and Liabilities

Capital & Liabilities:

Assets:

Bank of Baroda Share

As of today, July 6, 2024, the current share price of Bank of Baroda is ₹273.80.

Analysts have provided a range of target prices for the stock in 2024, with estimates falling between ₹270.96 and ₹345.23.

Bank of Baroda

Bank of Baroda (BOB) is an Indian government public sector bank headquartered in Vadodara, Gujarat. It ranks third among public sector banks in India. BOB offers a range of banking services, including savings and current accounts, fixed deposits, and loans. 

Notable accounts include the Bob Advantage Savings Account for high net worth individuals and the Bob Super Savings Account for metro and urban customers. The bank also provides digital banking through Bob World Internet Banking.