Bank of Baroda, Bank of India, Union Bank Q4 Results Highlights: Check net profit, NII, dividend, other details

• Net profit increased 19% year-on-year to ₹3,311 crore in Q4FY24, as against ₹2,782 crore in Q4FY23.
• The net interest income increased by 14.3% YoY to ₹9,437 crore in Q4FY24, as compared to ₹8,251 crore in the year-ago period.
• Gross NPA (%) reduced by 277 bps on YoY basis to 4.76% and Net NPA (%) reduced by 67 bps on YoY basis to 1.03% as on 31.03.2024.
• The Board of Directors recommended a dividend of ₹3.60 per equity share for the year ended March 31, 2024 subject to requisite approvals.

• Net interest income for the bank grew by 7% YoY to ₹5,937 crore in Q4FY24 vs ₹5,523 crore in quarter ending March 2023. This was largely driven by higher growth in interest expended during the quarter by 29% YoY against 20% YoY increase in interest earned.
• The net profit for the quarter also grew by 7% YoY to ₹1,439 crore led by robust growth in advances and strong asset quality.
• The overall asset quality improved substantially as GNPA for the bank stood at 4.9% for Q4FY24 vs 7.3% in previous year same quarter.
• The total advances for the bank grew by 13.5% YoY to ₹5.8 lakh crore vs ₹5.1 lakh crore in Q4FY23, which includes ₹4.9 lakh crore of domestic advances and ₹93,203 crore of overseas advances.
• The total deposits for the bank grew by 10.2% YoY to ₹7.3 lakh crore for Q4FY24 which has 44% CASA deposits and 45% term deposits and remaining 9% as bulk deposits.
• The Bank also recommended dividend of ₹2.8 per share and fund raising worth ₹5,000 crore by issue of Basel compliant Tier 1 and Tier 2 bonds

• Shares of Bank of India (BoI) settled at ₹138.7 on the NSE, down 0.18% as against the previous day's close.
• Union Bank of India's scrip closed at ₹142 apiece on the NSE, marginally lower by 0.07%.

Bank of Baroda shares declined after the company posted its results for the fourth quarter. The stock settled at ₹255.1 apiece on the NSE at closing bell, down 2.87% as against the previous day's close.

• Bank of Baroda's board has recommended a dividend at ₹7.6 per equity share for FY24, subject to approval at the ensuing 28th Annual General Meeting.

• The record date for the dividend payout has been fixed as June 29.

• Bank of Baroda's gross NPA ratio declined by 16 basis points YoY to 3.08% in Q4FY24, as against 2.92% in the year-ago period.
• The net NPA improved by 2 basis points to 0.68%, as against 0.70% in Q4FY23.

• Bank of Baroda's gross non-performing assets (NPA) ratio stood at ₹31,833.6 crore in Q4FY24, lower by 1.5% as against ₹32,317.6 crore in the Q3FY24.
• The net NPA stood at ₹7,213 crore at the end of Q4FY24, higher marginally by 0.1% as against ₹7,208.3 crore in the preceding quarter.

• Bank of Baroda posted a net interest income of ₹11,792 crore in Q4FY24, which is 2.3% higher as compared to ₹11,524 crore in the year-ago perid.

• Bank of Baroda (BoB) posted net profit of ₹4,886.5 crore in the fourth quarter of fiscal year 2023-24, up 2.3% as against the year-ago period.
• In Q4FY23, BoB had reported a net profit of ₹11,524.8 crore.

• Shares of Bank of Baroda were trading 0.7% higher at ₹264.4 apiece on the NSE.
• Bank of India shares were trading flat at ₹139.1, up 0.07%.
• Union Bank of India stock was trading at ₹142,5, reflecting a gain of 0.2%.

Bank of Baroda’s stock has surged by over 12% in 2024 so far. The shares were edging in the green ahead of the release of Q4 results, with the scrip valued at ₹263.95 apiece on the NSE.

• Union Bank’s net profit had surged by 60% YoY to ₹3,590 crore in the third quarter
• The state-run lender's net interest income was up 6% YoY at ₹9,168 crore.

• Bank of India had posted a net profit of ₹1,870 crore in the quarter ended December 2023, up 62% as against the year-ago period.
• The state-run lender's NII, however, had dipped by 2.4% YoY to ₹5,463.5 crore.

• Bank of Baroda had reported a 19% YoY increase in net profit at ₹4,579 crore in the preceding December 2023 quarter,
• The NII had grown 3% YoY to ₹11,101 crore.

Three major public sector undertaking (PSU) lenders – Bank of Baroda, Bank of India, and Union Bank of India – are scheduled to declare the results of the fourth quarter of financial year 2023-24 (Q4FY24) on Friday, May 10. The board of directors of these banks will also consider and approve the release of the earnings report for the entire fiscal year ended March 31, 2024.

Apart from the net profit and net interest income to be declared by these lenders, the focus will also remain on the board action on dividend payout. The banks are expected to declare the final dividend for FY24.

A day earlier, on May 9, the country’s largest state-run lender State Bank of India (SBI) posted a 24% year-on-year (YoY) surge in net profit at Rs 20,698 crore. The net interest income (NII) increased modestly by 3% YoY to ₹41,656 crore, whereas the bank also declared a dividend of ₹13.7 per share.

How Bank of Baroda, Bank of India, Union Bank performed in Q3

In the preceding December 2023 quarter, Bank of Baroda had reported a 19% YoY increase in net profit at ₹4,579 crore. The NII had grown 3% YoY to Rs 11,101 crore.

Bank of India had reported a net profit of ₹1,870 crore in Q3FY24, up 62% as against the year-ago period. The NII, however, had dipped by 2.4% YoY to ₹5,463.5 crore.

Meanwhile, Union Bank’s net profit had surged by 60% YoY to ₹3,590 crore in the third quarter, and its NII was up 6% YoY at ₹9,168 crore.

A look at PSU lenders’ shares

Bank of Baroda’s stock has surged by 12.02% in 2024 so far. However, the shares were edging lower ahead of the release of Q4 results, with the scrip valued at Rs 261.8 apiece on the NSE at 11:02 am.

The shares of Bank of India were also in the red ahead of the release of the earnings scorecard. The scrip was valued at ₹138.4 apiece on the NSE at 11:03 am. Year-to-date, the stock has rallied by 22.2%.

Union Bank’s shares were down by around 1% ahead of the release of results. At 11:04 am, the stock was trading at ₹140.55 apiece on the NSE, down 1.09% as against the previous day’s close. Year-to-date, the shares have risen by 16.4%.