Bank of Baroda Q2 result: Profit jumps 23%; NII grows 7.3% YoY to ₹11,622 crore
Bank of Baroda Q2 result: BoB reported a 23.2% YoY increase in Q2 net profit, reaching ₹5,238 crore. NII grew 7.3% to ₹11,622 crore, and global NIM rose to 3.10%.
Bank of Baroda Q2 result: Bank of Baroda (BoB) on Friday, October 25, reported a nearly 23.2 per cent year-on-year (YoY) rise in standalone net profit at ₹5,238 crore for the quarter ended September 30, 2024. In the same quarter last year, the company reported a profit of ₹4,253 crore.
On the front of profitability, NII (Net interest income) grew by 7.3 per cent YoY to ₹11,622 crore in Q2FY25, while global NIM (net interest margin) stands at 3.10 per cent in Q2FY25 against 3.07 per cent in Q2FY24.
Operating income for the quarter under review rose 12 per cent YoY, coming at ₹16,803 crore, while operating profit increased 18.2 per cent YoY to ₹9,477 crore.
The yield on advances increased to 8.48 per cent in Q2FY25 against 8.43 per cent YoY.
The gross NPA fell by 15.9 per cent YoY to ₹28,551 crore, and the gross NPA ratio improved to 2.50 per cent in Q2FY25 from 3.32 per cent in Q2FY24.
The bank's net NPA ratio stood at 0.60 per cent in Q2FY25, compared with 0.76 per cent in Q2FY24.
The provision coverage ratio stood at 93.61 per cent, including TWO, and 76.31 per cent, excluding TWO in Q2FY25.
Global advances of the bank increased to ₹11,43,039 crore, up 11.6 per cent YoY, while domestic advances rose to ₹9,38,883 crore, up 12.5 per cent YoY.
Global deposits increased 9.1 per cent YoY to ₹13,63,486 crore, and domestic deposits increased by 7.1 per cent YoY to ₹11,50,791 crore.
Organic retail advances grew by 19.9 per cent, led by growth in high-focus areas such as auto loan (22.9 per cent), home loan (16.2 per cent), mortgage loan (13.2 per cent), education loan (17.2 per cent) on a YoY basis. Agriculture loan portfolio grew by 10.6 per cent YoY to ₹1,44,508 crore.
Shares of Bank of Baroda closed 2.26 per cent down at ₹239.50 on Friday, October 25.
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