Bank of Baroda Q2 results: Profit jumps 23%; NII grows 7.3% YoY to ₹11,622 crore

Bank of Baroda Q2 Result: Bank of Baroda (BoB) on Friday, October 25, reported a nearly 23.2 percent year-on-year rise in standalone net profit ₹5,238 crore for the quarter ended September 30, 2024. In the same quarter last year, the company reported a profit of ₹4,253 crore.

In terms of profitability, NII (net interest income) grew by 7.3 percent year-on-year ₹11,622 Crore in Q2FY25 while the global NIM (net interest margin) stands at 3.10 per cent in Q2FY25 as against 3.07 per cent in Q2FY24.

Operating profit rose 12 percent year-on-year in the quarter under review ₹16,803 crore, while operating profit rose 18.2 percent year-on-year ₹9,477 crore.

The advance yield increased to 8.48 per cent in Q2FY25 as against 8.43 per cent YoY.

Gross NPA fell by 15.9 percent year-on-year ₹28,551 crore and the gross NPA ratio improved from 3.32 per cent in Q2FY24 to 2.50 per cent in Q2FY25.

The bank’s net NPA ratio stood at 0.60 per cent in the second quarter of FY2025 compared to 0.76 per cent in the second quarter of FY2024.

The reserve coverage ratio in the second quarter of fiscal year 2025 was 93.61 percent (including ZWEI) and 76.31 percent (excluding ZWEI).

The bank’s global loans soared ₹11,43,039 crore, up 11.6 percent year-on-year, while domestic advances rose to ₹9,38,883 crore, 12.5 per cent more than last year.

Global deposits rose 9.1 percent year-on-year ₹13,63,486 crore and domestic deposits increased by 7.1 per cent year-on-year ₹11,50,791 crore.

Organic retail loans grew 19.9 percent, led by growth in key areas such as auto loans (22.9 percent), home loans (16.2 percent), mortgage loans (13.2 percent) and education loans (17.2 percent). on an annual basis. The agricultural loan portfolio grew by 10.6 percent year-on-year ₹1,44,508 crore.

Shares of Bank of Baroda closed down 2.26 percent ₹239.50 on Friday, October 25th.

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