Bank of Baroda(BoB) Q3 Net profit rises 6%, NII up 3%

A net profit of Rs 4,837 crore was announced by Bank of Baroda on Thursday for the third quarter that concluded on December 31, 2024. Compared to Rs 4,579 crore in the October-December quarter of the prior year, the consolidated profit increased by 5.6%. 

According to a regulatory statement by Bank of Baroda, the bank's overall revenue climbed from Rs 31,416 crore in the previous fiscal year to Rs 34,676 crore in the third quarter of the current one.

Also Read - Quarterly Financial Results of Public & Private sector banks for Q3FY25

 According to Bank of Baroda, interest income increased to Rs 30,908 crore during the quarter from Rs 28,605 crore during the same period in the previous fiscal year. In the same quarter, the bank's Net Interest Income (NII) increased by 2.8% to Rs 11,417 crore from Rs 11,101 crore.

By the end of December 2023, the gross non-performing asset (NPA) had decreased to 2.43 percent from 3.08 percent. In a same vein, the net non-performing asset (NPA) decreased from 0.70 percent at the end of 2023 to 0.59 percent.

 However, compared to the same quarter of the previous fiscal year, when provisions and contingencies were Rs 666 crore, they increased to Rs 1,082 crore during the third quarter of FY25.

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Top 10 Mobile Banking Applications in India

Over the past few decades, technology has advanced significantly. From computers to laptops and iPads, software to applications, and mobile phones to Android devices, the digital age is pervasive. These days, many people use mobile banking apps. When conducting online transactions, a mobile banking app provides convenience, speed, and flexibility.

Nowadays, a large number of Indians are uncomfortable using traditional banking. They have therefore embraced mobile banking. Because of this, practically all private sector and PSU banks offer mobile banking apps for online transactions. This lessens the need for a laptop or desktop computer, and most importantly, it eliminates the need for you to physically visit the bank in order to complete any banking task.

 

1. Kotak-811 & Mobile Banking App

Kotak-811 - A app from Kotak Mahindra Bank offers a zero-balance savings account with an internationally enabled virtual debit card. It features a slick digital banking app UI. It is the first app in India to offer WhatsApp banking. You may now bank on a familiar platform using this app.

Features

* View account details and transaction details, and download e-statements.

* Send and receive money for instant transfers using IMPS, NEFT, and UPI.

* Manage your zero-balance savings account with an internationally enabled virtual debit card for online payments.

* Connect your bank account with WhatsApp and initiate banking transactions through a chat interface.

Pros

User-friendly interface with innovative features, ero-balance savings account with virtual debit card,WhatsApp banking for convenient banking on a familiar platform

Cons

Limited investment options compared to dedicated investment apps, Occasional app crashes reported by some users, Might be overwhelming for users who only need basic functionalities

2. HDFC Bank Mobile Banking App

The HDFC Bank app from one of India’s largest banks, allows you to manage your finances conveniently. You can check account summaries, make payments, transfer funds, and pay utility bills all within the HDFC net banking app.

Features

* Send and receive money using IMPS, NEFT, and UPI through the HDFC bank mobile banking app.

* Schedule and pay various bills, including utilities and credit cards.

* Personalize your app dashboard to display the features you use most frequently.

* Access a streamlined version of the HDFC app download for users with slower internet connections.

Pros

User-friendly interface with customizable features, Reliable and secure platform from a major bank, Lite version available for users with slower internet

Cons

Limited investment options compared to dedicated investment apps, Some users report occasional app crashes, May not offer the most advanced features compared to some other apps

3. YONO SBI 

YONO SBI- App of State Bank of India, Previously known as SBI Anywhere Personal, YONO SBI offers a user-friendly and secure platform for SBI account holders. It supports multiple languages and allows click-based and voice-assisted transactions for a convenient banking experience.

Features

* Use YONO app to send and receive money using IMPS, NEFT, and UPI.

* Schedule and pay various bills, including utilities and credit cards.

* Access the SBI mobile banking app in multiple regional languages for broader accessibility.

* Perform banking transactions using voice commands for added convenience.

Pros

Voice-assisted transactions, All-in-one Platform (investments, shopping, travel booking), Cardless Cash Withdrawal

Cons

Might be overwhelming for users who only need basic functionalities., Customer service responsiveness might vary.,Limited investment options compared to dedicated investment apps.

4. Axis Mobile App

Renowned for its stability, Axis Mobile offers a comprehensive suite of banking services.

Features

* Use the Axis Bank app to schedule automatic payments for various bills, including utilities and credit cards.

* Track your mutual fund investments within the Axis mobile app.

* Set spending limits, turn contactless payments on/off, and temporarily block your card if misplaced.

Pros

Stable and reliable performance, Wide range of features for managing finances, Auto-pay functionality for bills, Debit card control options

Cons

Occasional app crashes reported by some users, Limited investment options compared to dedicated investment apps

5. IDBI Bank GO Mobile+ App

Designed for a smooth banking experience, IDBI GO Mobile+ offers a user-friendly interface and various services. You can check account statements, make payments, recharge prepaid mobiles, and pay utility bills.

Features

* Choose seasonal themes or customize your login screen on the IDBI bank app.

* Secure your login with a selfie picture.

* Use IDBI app to view holdings and transactions directly within the app.

Pros

Simple and easy-to-use interface,Supports regional languages,Covers essential banking needs,Mobile recharge functionality

Cons

Limited investment and advanced features,Customer service responsiveness might vary

6. BOB World

Developed by the Bank of Baroda, BOB World is an app known for its user-friendliness.

Features

* Withdraw cash at BOB ATMs using a one-time MPIN generated within the Bank of Baroda app.

* Generate QR codes on BOB mobile banking app for easy bill payments at merchant locations.

* Store and manage digital receipts for your transactions within the app.

Pros

Convenient bill payments & organized receipts, Simplified cash deposits, Security features (2FA, biometrics, data encryption)

Cons

Relies on QR reader compatibility & increases app storage use, Limited branch availability for cash deposit requests, Responsiveness of customer service

7. ICICI Bank iMobile Pay App

A highly rated app by ICICI Bank, iMobile Pay offers a comprehensive suite of banking services.

Features

* Open fixed deposits (FDs), invest in recurring deposits (RDs) and manage existing investments.

* Access and manage your ICICI Bank life insurance policies on the ICICI Bank mobile app.

* Get quick access to personal loans against your credit card on the imobile app.

Pros

The ICICI bank app features a streamlined layout for effortless navigation, Customize your dashboard for quick access to frequently used features, Clear menus and categorized services

Cons

The app may experience occasional technical glitches or crashes, Some users report slower processing times for transactions, The app might require frequent updates to ensure smooth performance

8. Canara Bank ai1 Mobile Banking App

Designed with the goal of “One Bank, One App,” Canara Bank’s ai1 app offers a variety of banking services.

Features

* Use Canara bank app to pay instantly at stores with a tap using your phone (RTGS/NEFT enabled).

* Start fixed or recurring deposits or invest in mutual funds all within the Canara bank mobile app.

* Set up recurring payments for your bills and savings goals.

Pros

Book flights, hotels, buses, and cabs directly through the app, Check your credit score and pay bills seamlessly through Bharat Bill Payment,Access insurance, Demat services, and IPO applications

Cons

Occasional problems might occur with UPI transactions, Features might be limited for users who don’t have a Canara Bank account, The app might experience occasional slowdowns or technical glitches.

9. Bank of India BOI Mobile App

BOI Mobile boasts a secure and comprehensive banking experience for Bank of India account holders.

Features

* View balances and statements and manage all accounts on the Bank of India app.

* Transfer funds quickly with IMPS, NEFT, and RTGS, and utilize the “Favourite” feature on the Boi mobile app.

* Locate ATMs, manage cheques, and access various banking services.

Pros

Efficient navigation for transfers and management, User-friendly interface with easy account access, Streamlined process for adding “Favourites.”

Cons

Interface might be challenging for new users to navigate, Lacks advanced features compared to some competitors, Occasional transaction delays and app crashes reported.

10. Punjab National Bank PNB ONE App

PNB ONE is the official mobile banking app from Punjab National Bank.

Features

* Gain quick access to all your accounts through an interactive interface by downloading the PNB One app.

* Invest in term deposits and mutual funds, all within the PNB One app.

* Track cheque status, request stop payments, and manage cheques conveniently.

Pros

Access value-added services like PAN/Aadhaar registration, Manage existing credit/debit cards, Enjoy the app in English, Hindi, and other languages.

Cons

 Features might be limited for non-PNB customers, May be complex for new users to navigate, App crashes and slow processing times reported.

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Bank of Baroda(BoB) Q2 result: Profit jumps 23%; NII grows 7.3% YoY

On October 25, PSU lender Bank of Baroda Ltd. announced a 23% increase in net profit for the quarter that ended on September 30, 2024, totaling Rs 5,238 crore. In the previous year, it declared a net profit of Rs 4,253 crore. 

In Q2FY25, the lender's overall income increased by 11% to Rs 35,445 crore from Rs 32,033 crore in Q2FY24. In Q2FY25, the lender's net interest income increased by 7% to Rs 11,622 crore from Rs 10,831 crore in the same time last year. 

The bank's non-interest revenue increased by 24.2 percent year over year to Rs 5,181 crore during the reporting quarter, from Rs 4,171 crore during the same time last year..

Global deposits of the jumped 9.1 percent in the second quarter of the current financial year to Rs 13.64 lakh crore. In the similar quarter last year, global deposits stood at 12.5 lakh crore.

Of the global deposit, domestic deposits which have a highest share increased by 7.1 percent on-year to Rs 11.51 lakh crore, from Rs 10.74 lakh crore. Whereas, international deposits jumped sharply by 21.2 percent on-year to Rs  2.12 lakh crore.

The domestic cost of deposits of the bank have increased in the reporting quarter to 5.16 percent, as compared to 5.13 percent in a quarter ago period, and 4.99 percent in a year ago period.

International cost of deposits have also seen a sharp increase on a yearly as well as on domestic basis. International cost of deposits stood at 4.84 percent in July-September quarter, as compared to 4.66 percent in a quarter ago period and 4.45 percent in a year ago period.

Global advances of the bank increased 11.6 percent to Rs 11.43 lakh crore in the second quarter of the current financial year.

Retail advances (organic) grew 19.9 percent on-year to Rs 2.32 lakh crore in July-September quarter, from Rs 1.94 lakh crore. Domestic gross advances rose 12.5 percent on-year to Rs 9.39 crore in Q2FY25.

International Advances of the lender increased by 7.6 percent on-year to Rs 2.04 lakh crore.

Yield on advances on global advances have seen a moderation on a quarterly basis to 8.48 percent in July-September quarter, from 8.55 percent in April-June quarter. However, it has increased on a yearly basis.

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Bank of Baroda(BoB) Q1 Net profit rises 9.5%

Public Sector lender Bank of Baroda(BoB) on July 31 reported 9.5 percent rise in standalone net profit at Rs 4,458 crore for the quarter ended June 30, 2024. It reported standalone net profit of Rs 4,070 crore in the year-ago period.

On sequential basis, the bank's net profit fell 9 percent.

Gross non-performing assets (NPA) ratio stood at 2.88 percent as on June 30, as compared to 2.92 percent on March 31, 2024 and 3.51 percent on June 30, 2023.

Net NPA ratio stood at 0.69 percent as on June 30, as against 0.68 percent on March 31, 2024 and 0.78 percent on June 30, 2023.

In absolute terms, Gross NPA of the bank eased to Rs 30,873.14 crore as on June 30, as compared to Rs 31,833.63 crore as on March 31, and Rs 34,832.16 crore as on June 30, 2023.

Similarly, net NPA of the bank fell to Rs 7,231.53 crore as on June 30, as against Rs 7,213.34 crore as on March 31, and Rs 7,482.45 crore as on June 30, 2023.

The Provision Coverage Ratio of the Bank stood at 93.32 percent including TWO (Technical Write-off) and 76.58 percent excluding TWO in Q1 FY25, as per release.

Slippage ratio sequentially declined by 7 basis points (bps) to 1 .05 percent for Q1FY25 as against 1 .12 percent in Q4FY24.

In the reporting quarter, fresh slippages of the bank stood at Rs 2,787 crore. Majority of the slippages has came from MSME segment worth Rs 1,206 crore, which was followed by Rs 842 crore from retail and Rs 644 crore from agriculture.

Net Interest Income (NII) grew by 5.5 percent on-year to Rs 11,600 crore in Q1FY25. Non-Interest Income for the quarter stands at Rs 2,487 crore for Q1 FY25.

Global NIM stands at 3.18 percent in Q1 FY25. Domestic NIM of the bank stood at 3.30 percent and international NIMs at 2.23 percent in the first quarter of the current financial year.

In April-June quarter, global deposits of the bank grew to Rs 13.07 lakh crore, from around Rs 12 lakh crore in a year ago period. Global deposits were up 8.9 percent.

Domestic deposit rose 5.3 percent on-year to Rs 11.1 lakh crore, and international deposit jumped 34.7 percent on-year to Rs 2.02 lakh crore.

Global advances of the bank in April-June quarter jumped 8.1 percent on-year to Rs 10.72 lakh crore. In a year ago period, global advances stood at Rs 9.91 lakh crore.

In the global advances, retail advances grew 20.9 percent on-year to Rs 2.23 lakh crore.

Domestic CASA deposits registered a growth of 6 percent on-year and stands at Rs 4.49 lakh crore as of June 30, as per press release.

CRAR of the Bank stands at 16.82 percent in June quarter. Tier-I stood at 14.65 percent (CET-1 at 13.08 percent, AT1 at 1.57 percent) and Tier-II stood at 2.17 percent as of June quarter.

The CRAR and CET-1 of consolidated entity stands at 17.20 percent and 13.57 percent, respectively. Liquidity Coverage Ratio (LCR) of approximately 138 percent as on June 30.

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Bank of Baroda(BoB) Q4 net profit rises 2.3%, asset quality improves; declares dividend

 

Public sector lender Bank of Baroda on May 10 reported a net profit of Rs 4,886 crore for the January-March quarter of the financial year 2023-24, which marks a 2.3 percent jump as compared to a net profit of Rs 4,775 crore clocked in the year-ago period.

The bank's gross non-performing asset (NPA) stood at 2.92 percent, down from 3.79 percent in the corresponding quarter last year. On the other hand, net NPA for the quarter stood at 0.68 percent as compared to 0.89 percent a year ago.

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Bank Officers Union announces All India strike against New Transfer Policy

The All India Bank of Baroda Officers’ Association has declared a strike in protest against the bank management’s new anti-officer transfer policy. According to the circular, officers who have completed 6 years in the officers’ cadre within their current zone can request a transfer to another zone of their preference after this period. The union views this policy as unjust due to the lengthy 6-year duration and is demanding a reduction in the required duration.

The BOB Officers’ Union has threatened an All India Strike if the revised transfer policy is not revoked. They argue that the current policy imposes undue hardship on officers and are advocating for a more flexible approach to transfers.

• Black Badge/Black ribbon wearing from Monday, 29th April.

• Submission of Memorandum to all Regional Heads addressed to our Bank’s MD&CEO by team of Office bearers/Activists on 30th April 2024 evening.

• Demonstrations outside all Regional Offices on one evening during the period 1st May to 4th May 2024, taking into account the election model code of conduct as applicable in the relevant area.

• All India Strike on 7th June 2024, after General Elections are over. In the meantime, we shall serve Strike Notice to the Bank.

The last year transfer policy/IZT were exercised with criteria of 3 years for lady officers and 4 years for Male officers and now with policy being changed to 6 years, the sudden increase in the minimum relaxation tenure for this IZT(Inter Zone Transfer) exercise is creating panic among the officers and demoralising concerned officers and their family members, who have been posted outside the parent zone during previous IZT exercises.

Earlier officers with age of 55 are eligible for retransfer to their parent zone or to the zone of their choice, now in this IZT policy the age criteria has been increased to 58 years which is ruthless.

The IZT policy eligible period for the employees being 6 years is very long and staying away from families is unbearable, which adversely impact family life of the officer’s.

Since 2019 there is no recruitment in Bank and all previous IZT batches have been retransferred with 3 / 4 years ( lady staff 3 years) criteria, Management’s sudden shift to 6 Years minimum tenure is demoralizing officer employees as there is no work life balance in our bank due to IZT Transfers.

Many of the lady officers were undergoing fertility treatments and still were transferred midway and suffered due to delay in treatment due to IZT Still there are some officers whose IZT request has been rejected in earlier IZT exercises for shortage of a day or two with respect to the cutoff date. But these officers has been identified by the Management during the IZT 2019-20 and relieved late by the respective zonal office/regional office which in turn effected the officers during retransfer to the parent zone.

The Management is thinking that they have given enough concession for women and men under the IZT policy but they have forgotten that most of the employees who have undergone IZT posting have been undergoing physical and mental agony, since many of the officers have left their families back at their parent zone due to health problem of parents/in laws, nontransferable employment of spouse, education problem of children etc. This IZT policy has further demotivated and shut down the hope of these officers of getting back to their family.

Every year all the officers of the bank are obeying the instructions of the top management and undergoing the IZT even though they are facing some personal problems with a hope that they will be transferred back to the parent zone after completion of 3 years’ service.

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BoB, PNB among 6 PSU banks with high NPAs

Non Performing asset (NPA) is a loan or advance for which the principal or interest payment has remained overdue for a period of 90 days or more. According to data from Trendlyne, SBI, Bank of Baroda, and PNB are among the 6 PSU banks that reported the highest NPAs in Q3 of FY24. Here's the list:

Bank of India(BoI)

The net NPA of Bank of India stood at 1.41% in Q3FY24, which is the highest among PSU Banks. The PE ratio of the stock is 9.66. Bank of India has a market cap of Rs 61,870 crore.

Union bank of India

Union Bank of India reported a net NPA of 1.08% in Q3FY24. The PE ratio of the stock is 7.74. The firm's market cap is at Rs 1,02,773 crore.

Punjab National Bank (PNB)

Punjab National Bank (PNB) reported a net NPA of 0.96% in Q3FY24. The PE ratio of the stock is at 17.76. Punjab National Bank's market cap is at Rs 1,35,490 crore.

Bank of Baroda(BoB)

The net NPA ratio of Bank of Baroda stood at 0.7% in the December quarter of FY24. The PE ratio of the stock is 7.3. It has a market cap of Rs 1,38,153 crore.

State Bank of India (SBI) 

The net NPA ratio of the State Bank of India (SBI) stood at 0.64% in Q3FY24. The PE ratio of the stock is 10.26. SBI has a market cap of Rs 6,65,731 crore.

Indian Overseas Bank(IOB)

Indian Overseas Bank reported a net NPA of 0.62% in the December quarter of FY24. The PE ratio of the stock is at 50.36, while its market cap is at Rs 1,26,457 crore.

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Bank of Baroda(BoB) Q3 results: Net profit jumps 19%

 

Bank of Baroda on Wednesday, January 31, reported an 18.8% rise in net profit reaching ₹4,579 crore in the third quarter of the 2023-24 fiscal as compared to ₹3,852.7 crore last year. The lender's net interest income (NII) stood at ₹11,101 crore, slightly surpassing the CNBC-TV18 poll estimate of ₹11,085 crore.

This represents a year-on-year (YoY) increase of 2.6%, rising from ₹10,818.3 crore.

The bank displayed some improvement in asset quality, with Gross NPA (Non-Performing Assets) at 3.08% as opposed to 3.32% in the previous quarter.

Net NPA also witnessed a decline, standing at 0.70%, down from 0.76% in the previous quarter.

Gross NPA amounted to ₹32,317 crore, a decrease from ₹33,978.5 crore in the previous quarter. Net NPA reduced to ₹7,208.3 crore from ₹7,596.7 crore in the last quarter.

The bank made provisions of ₹666.3 crore, significantly lower than the ₹2,404 crore reported YoY and ₹2,160.6 crore in the previous quarter.

The Cost to Income ratio demonstrated a reduction by 123 basis points (bps) YoY, reaching 47.13% for the nine months ending December 2023 (9MFY24).

The Global Net Interest Margin (NIM) of the lender improved by 3 basis points sequentially, standing at 3.10% in Q3FY24, compared to 3.07% in Q2FY24.

The Net Interest Margin for 9MFY24 is reported at 3.14%.

The credit cost remained below 1%, reporting 0.69% for 9MFY24 and 0.39% for the quarter.

The bank maintained a healthy liquidity coverage ratio at 133% as of December 31, 2023.

Bank of Baroda's global advances registered growth of 13.6% YoY in Q3FY24, driven by robust retail loan book growth.

The bank's organic retail advances grew by 22%, propelled by growth in high-focus areas such as Auto Loan (24.3%), Home Loan (15.6%), Personal Loan (60.8%), Mortgage Loan (10.5%), and Education Loan (18.3%).

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