Shares of this PSU bank jumped around 2 percent in Thursday’s trading session after RBI allowed to onboard customers through the BoB World app. The shares have delivered more than 50 percent to its shareholders in one year.
With a market capitalization of Rs. 1,38,437 crores, the shares of Bank of Baroda started Thursday’s trading session on a higher note at Rs. 270 compared to its previous close of Rs. 262.50. During the trading session, the shares hit a high of Rs. 271.70, gaining around 2 percent and are currently trading at Rs. 267 a piece.
Such a positive movement in the share price was observed after the company in an exchange filing announced that the RBI has revised its decision to impose restrictions on BOB World, allowing it to onboard customers through the app with immediate effect.
Earlier, on 10th October 2023, the banking regulator directed the bank to suspend on onboarding of customers onto its ‘Bob World’ mobile application, citing ‘certain material supervisory concerns’ observed in the processes. Further, the bank mentioned that it will now resume onboarding new customers in the Bob World application.
Coming onto the company’s financial statements, the Net Interest Income (NII) decreased marginally by 0.12 percent from Rs. 10,831 crores during Q2FY24 to Rs. 10,818 crores in Q3FY24. On a contrasting note, the net profits increased by around 9 percent from Rs. 4,426 crores to Rs. 4,815 crores during the same timeframe. Moreover, the banking company is set to announce its quarterly results on 10th May 2024.
Looking at the important financial ratios, the Domestic CASA increased by 81 basis points from 39.88 percent duirng the September quarter to 40.69 percent in the December quarter. On the other hand, net NPA (Non-Performing Asset) increased from 0.76 percent to 0.99 percent during the same timeframe, indicating an increase in non-performing assets relative to total assets.
Established in 1908, Bank of Baroda is a public-sector bank that provides 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.
Written By Vaibhav Patil
Disclaimer
The views and investment tips expressed by investment experts/broking houses/rating agencies on tradebrains.in are their own, and not that of the website or its management. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution while investing or trading in stocks. Dailyraven Technologies or the author are not liable for any losses caused as a result of the decision based on this article. Please consult your investment advisor before investing.
