Bank of Baroda to Raise Additional Capital of Upto Rs 5,000 Crore in FY24

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Bank of Baroda to Raise Additional Capital of Upto Rs 5,000 Crore in FY24

By Malvika Gurung

Investing.com -- The state-owned lender Bank of Baroda (NS: BOB ) announced raising additional capital of up to Rs 5,000 crore on Friday through debt capital instruments.

In a Board meeting held on June 2, 2023, the Board of Directors of Bank of Baroda considered and approved to raise capital worth up to Rs 5,000 crore by way of Additional Tier I (AT I) or Tier II debt capital instruments.

The public sector bank’s Board has provided an interchangeability option for the capital raising facility in India or overseas, in suitable tranches by the end of the ongoing financial year 2023-24, and beyond if found expedient.

BoB has said that the additional capital of up to Rs 5,000 crore will be raised when the market is conducive.

The large-cap bank reported a whopping 168.4% jump in net profit at Rs 4,775 crore during the March 2023 quarter compared to Rs 1,779 crore in the same period last year.

Its net interest margin (NIM), a key profitability indicator, expanded by 45 basis points on a YoY basis to 3.53% in Q4 FY23 from 3.08% in Q4 FY22. 

In the full financial year 2022-23, net profit jumped 94% YoY to Rs 14,110 crore and NIM rose by 28 bps on-year to 3.31%.

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