NEW DELHI: Bank of Baroda (BoB) has reported a 10% rise in standalone net profit to Rs 4,458 crore in the first quarter of the financial year 2024-25, helped by a decline in bad loans.
The state-owned bank had registered a net profit of Rs 4,070 crore in the year-ago period. Total income in the quarter increased to Rs 32,116 crore from Rs 29,878 crore, BoB said in a regulatory filing.
The lender’s interest income also increased to Rs 29,629 crore against Rs 26,556 crore in the same quarter a year ago.
Gross non performing assets (NPAs) fell to 2.88% of gross advances by June 2024 from 3.51% in FY24. Net NPAs too fell to 0.69% compared to 0.78% at the end of the first quarter of the previous year.
As a result, provisions and contingencies came down to Rs 1,011 crore in the April-June period of FY25 against Rs 1,947 crore in the year-ago period. Capital adequacy ratio improved to 16.82% in Q1 compared to 15.84% in the year-ago period.