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Bank of Baroda, one of India's leading state-owned banks, announced its impressive standalone net profit for the fourth quarter ended March 2023.
The bank reported a substantial year-on-year increase of 168%, with the net profit soaring to Rs 4,775 crore. It marks a significant improvement compared to the net profit of Rs 1,779 crore posted in the corresponding quarter of the previous year.
In Q4 FY23, the bank witnessed remarkable growth in its global net interest margin (NIM), which increased by 45 basis points (bps) year-on-year to 3.53%. Throughout the fiscal year 2023 (FY23), the NIM stood at 3.31%, reflecting an improvement compared to the 3.03% achieved in FY22.
Along with its robust financial performance, the Bank of Baroda declared a dividend of Rs 5.50 per share. The announcement was made in the company's filing on the National Stock Exchange (NSE), stating that the dividend is subject to approval at the ensuing 27th Annual General Meeting.
Furthermore, Bank of Baroda's Earnings Per Share for the fourth quarter amounted to Rs 10.16, while for the entire FY23, it stood at Rs 28.82.
During the March 2023 quarter, the bank's total revenue stood at Rs 29,322.74 crore, demonstrating a significant growth compared to Rs 20,695.90 crore in the same period last year. Despite weak domestic benchmarks, Bank of Baroda's shares were trading 2.29% higher at Rs 188, reflecting investor confidence in the bank's outstanding financial performance.
The bank's remarkable results for Q4 FY23, coupled with its commitment to shareholder returns through a dividend payout, solidify Bank of Baroda's position as a leading player in the Indian banking sector.
—— Kritika Singhal
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