Bank of Baroda Q3 Results: Net profit jumps 19% to Rs 4,579 crore, beats analysts' estimates; shares hit record high

Bank of Baroda Q3 FY24 Results: Bank of Baroda, the country's second largest public sector lender by market capitalisation (mcap), reported a standalone net profit of Rs 4,579.3 crore for the October-December period, an increase of 18.9 per cent compared with the corresponding period a year ago that was much higher than analysts' expectations. The earnings announcement helped the stock build on its intraday gain to rise by as much as Rs 9.2, or 3.9 per cent, to scale a record high of Rs 246.5 apiece on BSE.  

Its net interest income, or the difference between interest earned and interest paid, came in at Rs 11,101.3 crore for the fiscal third quarter, as against Rs 10,818.3 crore for the year-ago period, according to a regulatory filing.

According to Zee Business research, Bank of Baroda's quarterly standalone net profit was estimated at Rs 4,200 crore and NII at Rs 11,044 crore for the December quarter.​

The PSU lender's asset quality improved sequentially. 

Gross non-performing assets (GNPAs), or gross bad loans, at the bank stood at 3.08 per cent of total loans for the December quarter as against 3.32 per cent three months ago, and net non-performing assets (NNPAs), or net bad loans, improved to 0.70 per cent from 0.76 per cent. 

(This story will be updated shortly)

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