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

Bank of Baroda's Q4 results for FY24 showcase robust financial performance, including a 2.3% rise in net profit to INR 4,886 crore, improved asset quality, and strong growth in advances and deposits.

by S Samayanka

Updated Jul 06, 2024

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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.
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Standalone Financial Results for the Quarter

Particulars

Quarter Ended 31.03.2024

Year Ended 31.03.2024

Interest earned (INR crore)

29,58,340

1,12,60,594

Interest/discount on advances/bills (INR crore)

22,76,031

85,09,823

Income on investments (INR crore)

6,30,701

24,86,568

Interest on balances with RBI and other interbank funds (INR crore)

36,453

1,72,108

Other income (INR crore)

15,155

92,095

Total income (INR crore)

41,91,476

1,27,10,131

Interest expended (INR crore)

17,79,057

67,88,441

Operating expenses (INR crore)

7,87,820

28,25,168

Employees cost (INR crore)

4,54,671

15,81,600

Other operating expenses (INR crore)

3,33,149

12,43,568

Total expenditure (INR crore) excluding provisions and contingencies

25,66,877

96,13,609

Operating profit before provisions and contingencies (INR crore)

8,10,610

3,09,52,522

Provisions (other than tax) and contingencies (INR crore)

1,30,194

6,07,561

Exceptional items (INR crore)

NA

2,48,966

Profit/(Loss) from ordinary activities before tax (INR crore)

6,80,416

19,10,169

Provision for taxes (INR crore)

1,91,767

5,61,702

Net profit/(loss) from ordinary activities after tax (INR crore)

4,88,649

13,48,467

Extraordinary items (net of tax expenses) (INR crore)

1,03,553

NA

Net profit/(loss) for the period (INR crore)

5,92,202

13,48,467

Paid-up equity share capital (INR crore)

10,35,530

10,35,530

Reserve excluding revaluation reserve (INR crore)

31,83,363

72,73,008

Analytical Ratios

   

Percentage of shares held by Government of India

63.97%

63.97%

Capital Adequacy Ratio (%) - Basel III

16.31%

16.31%

CET I Ratio (%)

12.54%

12.54%

Additional Tier I Ratio (%)

1.53%

1.53%

Earnings Per Share (INR)

34.40

34.40

NPA Ratios

   

Gross NPA (%)

2.92%

2.92%

Net NPA (%)

0.68%

0.68%

Gross NPA to Gross Advances (%)

1.25%

1.25%

Net NPA to Net Advances (%)

0.49%

0.49%

Return on Assets (annualized) (%)

0.06%

NA

Debt Equity ratio

NA

0.07

Total Debt to Total Assets Ratio

NA

NA

Capital Redemption Reserve/Debenture Redemption Reserve

9,38,507

NA

Outstanding Redeemable Preference Shares

24.00%

NA

Net Worth (INR crore)

36,76,368

NA

Operating Profit Margin (%)

9.45%

NA

Net Profit Margin (%)

9.45%

NA

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Statement Of Assets and Liabilities

Capital & Liabilities:

Particulars

As at 31st March 2024 (Audited)

As at 31st March 2023 (Audited)

Capital

10,35,530

10,35,530

Reserves and Surplus

1,11,18,805

97,18,737

Deposits

1,32,69,5784

1,20,36,8779

Borrowings

94,40,226

1,01,91,048

Other Liabilities and Provisions

52,21,341

54,74,038

TOTAL

15,85,79,709

14,58,56,155

Assets:

Particulars

As at 31st March 2024 (Audited)

As at 31st March 2023 (Audited)

Cash and Balances with Reserve Bank of India

54,83,983

54,88,263

Balances with Banks and Money at Call and Short Notice

40,28,430

40,82,061

Investments

3,69,81,684

3,62,48,536

Advances

10,65,78,172

9,40,99,827

Fixed Assets

7,91,255

8,70,657

Other Assets

47,16,185

50,66,811

TOTAL

15,85,79,709

14,58,56,155

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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. 

Bank of Baroda Q4 Result - FAQs

1. What was the Bank of Baroda's net profits for the latest fiscal year (FY24)?

Bank of Baroda's net profit for FY24 was INR 17,789 crore, marking a 26.1% increase from the previous year.

2. How did the Bank of Baroda's asset quality perform in Q4FY24?

Bank of Baroda's gross non-performing assets (NPAs) decreased to 2.92% and net NPAs dropped to 0.68%, indicating improved asset quality.

3. What was the growth rate of Bank of Baroda's advances and deposits in FY24?

Global advances grew by 12.5% to INR 10,90,506 crore, and global deposits increased by 10.2% to INR 13,26,958 crore.

4. What are some notable loan growth segments for Bank of Baroda in FY24?

Bank of Baroda saw significant growth in retail loans, with personal loans surging by 51.6%, auto loans by 23.8%, and home loans by 14.1%.

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