Bank of Baroda Q3 profit rises 19% to Rs 4,579 cr

New Delhi: State-owned Bank of Baroda (BoB) on Wednesday posted a 19 per cent increase in profit at Rs 4,579 crore for third quarter ended December 2023.

The bank had earned a net profit of Rs 3,853 crore in the same quarter a year ago.

Total income increased to Rs 31,416 crore during the quarter under review from Rs 27,092 crore in the same period last year, BoB said in a regulatory filing.

Interest income of the bank rose to Rs 28,605 crore from Rs 23,540 crore in the third quarter of previous fiscal.

Gross Non-Performing Assets (NPAs) of the bank declined to 3.08 per cent of gross loans by the end of December 2023 from 4.53 per cent a year ago.

Similarly, net NPAs or bad loans came down to 0.70 per cent from 0.99 per cent at the end of third quarter of the previous fiscal.

However, Capital Adequacy Ratio of the bank moderated to 14.72 per cent as against 14.93 per cent at the end of December 2022.

During December quarter FY24, the bank made a contingent provision of Rs 50.49 crore in respect of investment in Alternate Investment Fund (AIF) pursuant to RBI circular dated December 19, 2023, it said.