Bank of Baroda Q3 earnings: Net profit rises to Rs 4,579 crore, stock hits record high

Shares of Bank of Baroda hit a record high after the lender reported its Q3 earnings. Bank of Baroda shares rose over 5% to a high of Rs 249.65 against the previous close of Rs 237.30 on BSE. Net profit rose 19% to Rs 4,579.33 crore in the December 2023 quarter against Rs 3,852.74 crore in the December 2022 quarter.

Total income climbed to Rs 31,415.62 crore in Q3 against Rs 27,092 crore in the December 2022 quarter. Net interest income (NII) rose to Rs 11,101 crore in Q3 against Rs 10,818 crore in the December 2022 quarter.

Operating expenses fell to Rs 6986.72 crore in the last quarter against Rs 6138.07 crore as on Q3 FY'23. Operating profit slipped 14.78% to Rs 7015.70 crore in Q3 against Rs 8232.19 crore in the year-ago period. Market cap of the bank stood at Rs 1.27 lakh crore.

Debt to equity ratio fell to 0.38 in the last quarter against a ratio of 0.45 in the December 2022 quarter. Gross NPAs in percentage terms slipped to 3.08% in Q3 against 4.53% in the year-ago period.

In rupee terms, gross NPAs fell to Rs 32,317.56 crore in the December 2023 quarter compared to Rs 41,857 crore in Q3 of the previous fiscal. Net NPAs also slipped to Rs 7208.31 crore in Q3 of the current fiscal against Rs 8853.82 crore in the December 2022 quarter.

Earlier, the stock opened higher at Rs 239.50 on BSE. The stock has a beta of 0.7, indicating low volatility in a year.

The banking stock has gained 47.56% in a year and risen 6% this year. Total 16.99 lakh shares of the bank changed hands amounting to a turnover of Rs 41.09 crore.

In terms of technicals, the relative strength index (RSI) of PNB stock stands at 63.4, signaling it's trading neither in the overbought nor in the oversold territory. PNB shares are trading higher than the 5 day, 10 day, 20 day, 30 day 50 day, 100 day, 150 day and 200 day moving averages.

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