Mumbai, May 16: Public sector lender Bank of Baroda on Tuesday reported over two-fold jump in its fourth quarter net profit at Rs 4,775.33 crore on account of higher interest income and low provisions for bad loans.
The bank’s net profit in January-March period a year ago was Rs 1,778.77 crore on a standalone basis.
Interest income increased to Rs 25,857 crore in fourth quarter of 2022-23 from Rs 18,174 crore in the year-ago period, the bank said in a stock exchange filing.
Provisions for bad loans and contingencies were nearly halved to Rs 1,420 crore during January-March 2023 from Rs 3,736 crore a year ago, a press release stated here.