On Tuesday, the public sector lender Bank of Baroda said that its net profit for the fourth quarter increased by more than twofold to a total of Rs 4,775.33 crore. This increase was due to greater interest revenue and lower provisions for bad loans.
On an individual basis, the bank recorded a net profit of Rs 1,778.77 crore during the January-March period of the previous year.
According to a statement with the stock market, the bank reported that its interest income rose to Rs 25,857 crore in the fourth quarter of 2022–23, up from Rs 18,174 crore in the same time period the previous year.
According to a press release located here, the amount of money set aside to cover bad loans and other potential expenses dropped from 3,736 crore to 1,420 crore during the first three months of 2023.