Bank of Baroda Q1FY24 results: Net profit jumps 87.7%

State-owned bank, Bank of Baroda has declared its Q1FY24 results today. Sharing its first quarter results for the current financial year, the PSU bank reported 87.72 per cent YoY jump in net profit during April to June 2023 quarter.

This robust growth in profitability was supported by healthy Operating Income growth of 42.9 per cent YoY in Q1FY24.

The state-owned lender claimed that strong growth in income coupled with subdued increase in Opex has resulted in robust Operating profit growth of 73 per cent YoY for Q1FY24.

In Q1FY24, the PSU bank reported a net profit of ₹4,070.1 crore, logging 87.72 per cent rise against the net profit of ₹2,168.1 crore in Q1FY23. 

However, the PSU bank's first quarter results for the current fiscal is below market estimates.

Market had estimated net profit of the PSU lender at around ₹4,630 crore.