Bank of Baroda Posts 168% YoY Profit Growth in Q4 FY23, Declares Rs 5.5/ Share Dividend

 The  Bank of Baroda has announced a significant increase in its net profit for the fourth quarter ended March 2023. The bank reported a standalone net profit of Rs 4,775 crore, up 168% YoY. Its net interest income (NII) also witnessed a growth of 33.8% at Rs 11,525 crore for the quarter, while NII grew 26.8% YoY for FY23 to Rs 41,355 crore.

Additionally, the bank reported a positive trend on the asset quality front with both gross non-performing assets (NPAs) and net NPAs decreasing. The gross NPA fell to 3.79% in the January-March period, while net NPAs reached a record low of 0.89% in Q4 FY23.

Moreover, the bank has recommended a dividend of Rs 5.50 per equity share for FY2022-23, subject to declaration by the shareholders. Overall, the bank has shown strong growth and improvement in its financial performance.