Bank of Baroda (BoB) on Tuesday recorded a massive growth in its March 2023 quarter profit on a yearly basis. The PSU lender's Q4 net profit came at Rs 4,775 crore, up 168.41 per cent from Rs 1,779 crore in the year-ago period. The bank earned Rs 25,857 crore as interest in Q4 FY23, year-on-year (YoY), compared to Rs 18,174 crore in the corresponding period last year. The state-owned bank also announced a dividend of Rs 5.5 per share.
"The lender's Board recommended a dividend at Rs 5.50 (Rupees Five and Fifty Paise only) per equity share (Face Value Rs 2 each fully paid up) for the FY 2022-23 subject to declaration/approval at the ensuing 27th Annual General Meeting," BoB stated in an exchange filing.
"It has fixed July 1 to July 7, 2023, as book closure dates for the purpose of 27th AGM and dividend payment. Hence, shareholders having shares as on cut-off date i.e. June 30, 2023, shall be eligible for dividend," BoB mentioned.
BoB's total revenue stood at Rs 29,322.74 crore in the March 2023 quarter against Rs 20,695.90 crore in the same period last year.
Gross NPAs (non-performing assets) to advances declined to 3.79 per cent in Q4 from 4.53 per cent in December 2022 quarter (Q3FY23) and 6.61 per cent in Q4 FY22. The lender's operating profit margin improved to 27.53 per cent from 30.39 per cent, sequentially, and 27.23 per cent, YoY.
As of March 31, 2023, the PSU lender's components of cash and cash equivalents stood at Rs 95,703.24 crore.
BoB shares were last seen trading 2.29 per cent higher, at Rs 188, despite a weakness in the domestic benchmarks.
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