Bank of Baroda Reports 168% YoY Profit Growth in Q4 FY2023: How They Rocked It in a Tough Year

By -


Bank of Baroda, one of the big guys in the public sector banking space, has shared its financial results for the fourth quarter and the full year of FY23. And let me tell you, they have done a pretty awesome job in terms of their earnings, revenue, net interest income and other important stuff, despite the crazy situation caused by the Covid-19 pandemic and the economic slowdown.


Bank of Baroda Q4 Earnings Highlights

  • The bank’s standalone net profit went up by a whopping 168% year-on-year (YoY) to Rs 4,775 crore in Q4 FY23, compared to Rs 1,779 crore in Q4 FY22. That’s mainly because they had to set aside less money for bad loans and other risks, and they earned more money from interest and non-interest sources.
  • The bank’s revenue from operations also increased by 10% YoY to Rs 2.30 lakh crore in Q4 FY23, compared to Rs 2.09 lakh crore in Q4 FY22. That’s because they sold more petroleum products and made more money from their treasury operations.
  • The bank’s net interest income (NII), which is the difference between interest earned and interest spent, increased by 33.8% YoY to Rs 11,525 crore in Q4 FY23, compared to Rs 8,613 crore in Q4 FY22. That’s because they had more interest-earning assets and they managed to improve their net interest margin.
  • The bank’s net interest margin (NIM), which is the ratio of NII to average interest-earning assets, improved by 50 basis points YoY to 3.46% in Q4 FY23, compared to 2.96% in Q4 FY22. That’s because they reduced their cost of funds and did a better job of managing their asset-liability mix.
  • The bank’s non-interest income, which includes fees, commissions, treasury income and other income, grew by 28.6% YoY to Rs 5,306 crore in Q4 FY23, compared to Rs 4,125 crore in Q4 FY22. That’s mainly because they made more money from treasury gains and recovery from written-off accounts.
  • The bank’s operating profit increased by 38.6% YoY to Rs 9,346 crore in Q4 FY23, compared to Rs 6,743 crore in Q4 FY22. That’s because they had higher NII and non-interest income and lower operating expenses.
  • The bank’s provisions and contingencies decreased by 9.3% YoY to Rs 4,571 crore in Q4 FY23, compared to Rs 5,038 crore in Q4 FY22. This includes a provision of Rs 1,286 crore for Covid-19 related impact. The bank’s provision coverage ratio improved from 81.33% as on March 31, 2022 to 83.74% as on March 31,

Comments

Post a Comment

Popular posts from this blog

Deccan Gold Mines Up 150% in a Year, Makes Major Lithium Move in Mozambique

By -
Image
The country's only listed gold exploration and mining company Deccan Gold Mines Limited (DGML) acquired majority stake in 5 lithium blocks in Mozambique, Africa  Deccan Gold Mines Limited (DGML), India's sole listed gold exploration and mining company, has recently made a significant move that has caught the attention of investors worldwide. The company has acquired a majority stake in five lithium blocks in Mozambique, Africa, positioning itself within the globally recognized Alto Ligonha pegmatite belt, known for its abundant reserves of lithium-cesium-tantalum (LCT) pegmatites. {jistoc} $title={Table of Contents} A Strategic Acquisition This acquisition is crucial for the mining of lithium, tantalum, and beryllium. The critical mineral concession block has been procured through Deccan Gold FZCO, a wholly-owned subsidiary of DGML. DGFZCO will hold a majority ownership stake of 51% in DGMOZ, with the potential for this ownership to increase to 70% in the near...
Read more

Small Cap Gem: Sakuma Exports Doubles in 2024, Bonus Share Proposal on July 1st?

By -
Image
Sakuma Exports: A Smallcap Stock with Big Returns in 2024 In the world of stock trading, smallcap stocks often go unnoticed. However, one such stock has been making waves in the Indian stock market - Sakuma Exports Ltd. This company, engaged in the buying, processing, marketing, exporting, and importing of agricultural products, has seen its share price double in the calendar year 2024. {jistoc} $title={Table of Contents} A Stellar Performance As of Thursday, June 20, the Sakuma Exports stock price has recorded a nearly 100% year-to-date gain , hitting the day’s high of ₹37.86 apiece on the NSE. This impressive performance is not a sudden phenomenon but the result of a strong run over the past couple of months. The company's shares have been on a steady upward trajectory, reflecting the positive sentiment among investors. The surge in the stock price is a testament to the company's robust business model and its ability to deliver consistent growth. Bonus Issue ...
Read more

Simple Investing: It's Not Rocket Science (But It Takes More Than Luck)

By -
Image
Successful Investing: Simple, But Not Easy Disclaimer:  This blog post is for informational purposes only and should not be taken as financial advice. Always do your own research and consider seeking advice from a certified financial advisor before making any investment decisions. {jistoc} $title={Table of Contents} The Myth of Easy Wealth The bull market of the 1990s created a myth that the stock market was essentially a high-return savings account. This belief was fueled by the ease of access to financial information and the ability to trade stocks online. However, as many investors discovered when the bubble burst, if something looks too good to be true, it usually is. Investing requires more than just opening an online account and watching financial news. It requires a deep understanding of the market, the ability to analyze and interpret financial data, and the discipline to stick to your investment strategy even when the market is volatile. It also requires...
Read more