In early trade on November 6, shares of Bank of Baroda experienced a slight drop of nearly 1.5 percent, attributed to profit-taking activities following the bank’s impressive 28 percent surge in Q2 profits.
By 11:51 am, the Bank of Baroda stock was trading at ₹195.25, reflecting a 4.20 percent decrease on the NSE.
The public sector lender, Bank of Baroda (BoB), reported a net profit of Rs 4,252.89 crore for the September quarter of 2023-24, marking a notable 28.3 percent increase from the previous year.
This remarkable growth was fueled by improved asset quality and robust core income expansion. The bank’s Net Interest Income (NII) also saw substantial growth, rising by 6.4 percent year-on-year to reach Rs 10,831 crore.
One of the key highlights of BoB’s performance was the significant reduction in bad loans. The bank’s gross non-performing assets (GNPAs) decreased to 3.32 percent of the loan book, a significant drop from the 5.31 percent recorded in the previous year.
On a net basis, bad loans accounted for only 0.76 percent of the loan book, demonstrating a substantial improvement from the 1.16 percent reported in the same quarter of the previous fiscal year. Despite this strong performance, minor profit-taking activities led to the slight decline in the bank’s shares during the early trading hours.
