Bank of Baroda Q4FY23 PAT up 159% at Rs5,255cr on lower provisioning and 45 bps expansion in NIMs

Bank of Baroda reported 44.76% growth in total revenues for the March 2023 quarter on consolidated basis at Rs32,528cr. Revenue growth was 7.17% in sequential terms for Q4FY23. For the quarter, the company saw growth in revenues from retail bank and treasury. However, operating profits from retail were lower yoy while treasury and corporate banking saw turnaround from operating profit to operating profits.

Net interest income (NII) for Q4FY23 was up 33.8% you at Rs11,525 crore. For the same period, the net interest margins (NIM) expanded from 3.08% to 3.53%. Non-interest income grew sharply by 37.4% yoy at Rs3,466 crore. As of the close of fourth quarter, the total advances grew by 18.5% while deposits grew over 15.1% yoy. Cost to income ratio has fallen by 324 bps yoy to 46.15% in Q4FY23.

Financial highlights for Mar-23 compared yoy and sequentially

Bank of Baroda 

Rs in CroreMar-23Mar-22YOYDec-22QOQ
Total Income₹ 32,528₹ 22,47044.76%₹ 30,3537.17%
Operating Profit₹ 9,254₹ 6,32546.31%₹ 9,719-4.79%
Net Profit₹ 5,255₹ 2,032158.68%₹ 4,30622.05%
      
Diluted EPS₹ 10.16₹ 3.93 ₹ 8.33 
Operating Margins28.45%28.15% 32.02% 
Net Margins16.16%9.04% 14.19% 
Gross NPA Ratio3.79%6.61% 4.53% 
Net NPA Ratio0.89%1.72% 0.99% 
Return on Assets1.34%0.57% 1.13% 
Capital Adequacy16.24%15.68% 14.93% 

 

For Q4FY23, the operating profits were up 46.31% yoy while the net profits were up 159% yoy due to the benefits of lower provisions in the quarter and a sharp up move in NII. Operating expenses for the quarter were up 25.8% yoy at Rs6,918crore and provisions down sharply by -62% yoy, which gave a huge boost to profits. Gross NPAs fell sharply to 3.79% from 6.61% yoy while the net NPAs have dipped to 0.89% om Q4FY23.

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