Last Updated: May 16, 2023, 3:01 PM IST
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.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)