Last Update: May 16, 2023, 3:01 pm IST
State-owned Bank of Baroda (BoB) on Tuesday reported a more than two-fold jump in its March quarter net profit at Rs 4,775.33 crore due to higher interest income and lower provisions for bad loans.
The bank’s net profit for January-March 2021-22 stood at Rs 1,778.77 crore on a standalone basis.
Interest income rose to Rs 25,857 crore in the fourth quarter of 2022-23 from Rs 18,174 crore in the year-ago period, the bank said in a stock exchange filing.
The provision for bad loans and contingencies was almost halved to Rs 1,420 crore during January-March 2023 from Rs 3,736 crore a year ago.
For the full fiscal 2022-23, BoB’s net profit almost doubled to Rs 14,109 crore from Rs 7,272 crore a year ago.
Shares of BOB were trading at Rs 187.15 on the BSE, up 1.82 per cent from the previous close.
(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
