State-owned Bank of Baroda (BoB) on Tuesday reported over 2-fold jump in its March 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 2021-22 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.
For the full 2022-23 fiscal, BoB’s net profit nearly doubled to Rs 14,109 crore from Rs 7,272 crore a year ago.
Shares of BoB were trading at Rs 187.15 apiece, up 1.82 per cent from the previous close on BSE.
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