Public sector lender Bank of Baroda (BoB) has reported a net profit of ₹4,886 crore for the January-March quarter, growing 2.3% year-on-year. The bank's full-year net profit rose 26.1% to ₹17,789 crore, driven by healthy operating profit growth of 15.3% year-on-year in FY24, according to an exchange filing.

The bank's net interest income (NII) grew 2.3% year-on-year to ₹11,793 crore in the fourth quarter of FY24, while net interest income for the full fiscal registered a growth of 8.1% to ₹44,722 crore. Non-interest income for the quarter rose 20.9% YoY to ₹4,191 crore, while non-interest income for the financial year rose 44% YoY to ₹14,495 crore.

The bank's operating income stood at ₹15,984 crore in the fourth quarter of FY24 and ₹59,217 crore in FY24, registering a growth of 15.3%. Operating profit for the quarter stood at ₹8,106 crore and operating profit for FY24 rose 15.3% to ₹30,965 crore.

BoB says its ROE improved 5 basis points sequentially to 1.25% for Q4FY24 and 1.17% for FY24, up 14 basis points year-on-year.

Global business grew by 11.2% to reach ₹24,17,464 crore as of March 31, 2024. Global net interest margin (NIM) improved 17 basis points sequentially and stands at 3.27% in the fourth quarter of fiscal 2024.

PSU Bank's return on assets (ROA) in FY24 increased by 14 basis points y-o-y to stand at 1.17% in FY24, while return on equity (ROE) increased by 61 basis points y-o-y to 18.95% in FY24.

In terms of asset quality, BoB said there was an improvement, with gross NPAs declining 87 basis points year-on-year to 2.92% from 3.79% in Q4FY2023. The bank's net NPA was reduced by 21 basis points year-on-year to 0.68% in the fourth quarter of FY2024 as against 0.89% in the year-ago period.

The bank's domestic CASA (Current Account Savings Account) deposits registered a year-on-year growth of 5.4% and stood at ₹4,66,401 crore as on March 31, 2024. International deposits rose 27% YoY to ₹1,98,444 crore in March 2024.

Notably, in a major relief to BoB, the Reserve Bank of India (RBI) has lifted restrictions on its mobile application BoB World. this week. This will once again enable PSU Bank to attract new customers via its mobile app.

BoB says in a stock exchange filing that it has decided to initiate the process of electing a shareholder director to fill the vacancy among shareholders other than the central government. The annual general meeting (AGM) of shareholders is scheduled for July 5, 2024.

Shares of BoB closed down 2.67% at ₹255.65 apiece on the BSE today.