Bank of Baroda Q3 Results Review - Profit After Tax Boosted By Lower Credit Costs; NIM Improves: Nirmal Bang

Nirmal Bang Report

Bank of Baroda’s Q3 FY24 profit after tax of Rs 45.8 billion was in line with our expectation of Rs 46.3 billion. However, the results were below our expectation at pre-provision operating profit level with a variation of 23.2%. The miss on PPOP level was on account of lower other income (down by 20.9% YoY and 32.6% QoQ) due to a higher base effect of mark to market write back of Rs 7.5 billon last year.

Loan growth slowed down from 17.2% in Q2 FY24 to 13.6% in Q3 FY24. net income margin improved by 3 basis point QoQ to 3.1% aided by a reduction in bulk deposits and yield on advances improving by 8 basis point QoQ.

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