Bank of Baroda Reports Robust Profit Growth Amid Improved Asset Quality

Bank of Baroda announced a 23% increase in net profit for the September quarter, reaching Rs 5,238 crore. Total income rose to Rs 35,445 crore, with improved asset quality as gross NPAs declined. The bank's capital adequacy ratio also increased, signaling financial stability.

State-owned Bank of Baroda (BoB) has reported an impressive 23% growth in net profit, amounting to Rs 5,238 crore for the September quarter. This marks a significant improvement from the Rs 4,253 crore earned in the same period last fiscal year.

The bank's total income witnessed a substantial rise to Rs 35,445 crore from Rs 32,033 crore a year earlier, driven by a surge in interest income to Rs 30,263 crore. This financial upswing was disclosed in a recent regulatory filing.

BoB's asset quality demonstrated notable improvement, with gross non-performing assets (NPAs) declining to 2.50% of gross advances, down from 3.32% the previous year. Net NPAs saw a decrease to 0.60% from 0.76%. Additionally, the Capital Adequacy Ratio climbed to 16.26%, underscoring the bank's financial strength.

(With inputs from agencies.)