BUSINESS

Bank of Baroda’s Q4 net profit beats estimates, lender declares ₹7.60 dividend per share

Bank of Baroda on Friday (May 10) reported 2.3% rise in net profit for the fourth quarter of FY24. The bank’s performance surpassed the estimates of analysts, with net profit standing at ₹4,886.5 crore as opposed to the CNBC-TV18 poll projection of ₹4,576.2 crore.

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Key highlights of Bank of Baroda’s Q4FY24 earnings include a loan growth of 13% year-on-year and 4% quarter-on-quarter.

Additionally, the Net Interest Margin (NIM) witnessed an improvement, reaching 3.27% compared to 3.10% in the previous quarter.

In terms of asset quality, Bank of Baroda reported a reduction in its Gross Non-Performing Assets (NPA) ratio to 2.92% from 3.08% in the previous quarter.

Bank of Baroda has recommended a dividend of ₹7.60 per equity share of face value ₹2 each, fully paid up for the financial year 2023-24.

The lender’s share price experienced a decline of over 3% following the announcement of the Q4 results.

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At 3:10 pm, Bank of Baroda shares were trading 3.14% lower at ₹254.40 apiece on the BSE.

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