Don’t miss action in this PSU Bank as net profit jumps over 90% in FY23!

As the financial season heats up, Bank Of Baroda reported results for the fourth quarter and year ended March 31, 2023, and declared a dividend as well. 

Quarterly Performance:  

On a consolidated basis, the bank reported a more than two-fold increase in net profit for the fourth quarter that ended on March 31, 2023, from Rs 2,031.55 crore to Rs 5,255.17 crore. When compared to the same quarter last year, the bank's total revenue jumped by 44.76% to Rs 32,528.06 crore during Q4FY23 from Rs 22,470.46 crore. 

The bank reported a 94.02% increase in net profit for the fiscal year that ended on March 31, 2023, to Rs 14,109.62 crore from Rs 7,272.28 crore. When compared to the year ended March 31, 2022, the bank's total revenue climbed by 22.43% to Rs 99,614.38 crore during the year under review. 

On a combined basis, the bank reported an 89.88% increase in net profit for the year ended March 31, 2023, from Rs 7,849.69 crore to Rs 14,905.20 crore. When compared to the year ended March 31, 2022, the bank's total revenue climbed by 26.20% to Rs 110,777.98 crore during the year under review.  

About the Dividend: 

For the fiscal years 2022–2023, the business proposed a dividend of Rs 5.50 per equity share which has a face value of Rs. 2, subject to declaration or acceptance at the following 27th Annual General Meeting.  

Share Price Movement: 

In the last trading session, it closed at Rs 183.80. Today it opened at Rs 185.50 and touched a high of Rs 188.45 and a low of Rs 183.95. It was closed at Rs 186.35 up by 1.39% and a total of 19,17,038 shares were traded over the counter at BSE. 

The BSE group 'A' stock has a market cap of around Rs 96,300 crore and it had a 52-week high of Rs 197.20 and a 52-week low of Rs 89.90.  

Company profile: 

Bank of Baroda is engaged in providing various services, such as personal banking, corporate banking, international banking, small and medium enterprise (SME) banking, rural banking, non-resident Indian (NRI) services and treasury services.