Bank of Baroda | Bank of Baroda doubles net profit, quarterly profit up 168% and 94% year on year
Lucknow: Bank of Baroda has announced its financial results for the quarter and year ended 31 March 2023. In the financial year 23, the profit of Bank of Baroda has doubled (Doubles Net Profit). The bank has announced the highest ever quarterly net profit of Rs 4775 crore which is 168% more on YoY basis and annual net profit of 14110 crore which is 94% more than last year. The bank reported a growth of 33.8 per cent in net interest income in Q4 FY23 as against 26.8 per cent growth in the full year. The Bank’s Return on Equity (RoE) for FY23 stood at 18.34 per cent, up 648 bps YoY. Whereas, the RoE for Q4FY23 has increased by 1321 bps year-on-year to 24.82 per cent. The Bank’s operating profit grew significantly by 43.3% YoY in Q4 FY23 and 20% YoY in FY2023. Also read The bank has been able to reduce the cost to income ratio by 152 bps and recorded a cost to income ratio of 47.72 per cent for FY23. The bank’s credit cost has been at a record low of 0.14 per cent in Q4 FY23 and 0.53 per cent in FY23. As per the financial results, the bank has achieved a total business of Rs 21,73,236 crore as on March 31, 2023, a year-on-year growth of 16.6 per cent. The Board of Directors of the Bank has recommended the declaration of a dividend of Rs 5.5 per equity share subject to necessary approvals.