Bank of Baroda logs 11.6% y-o-y growth in global advances

4 Oct 2024 , 02:32 PM

Bank of Baroda’s (BoB) global advances increased by 11.60% year-on-year to ₹11.43 lakh Crore in the quarter ended September 30, 2024, while the state-run lender’s global deposits increased by more than 9% YoY to ₹13.63 lakh Crore, according to the company’s quarterly update released on Thursday.

The lender’s global operations increased by 10.23% year-on-year to ₹25.06 Lakh Crore, according to the company filing. 

These are provisional figures; the bank will provide the final figures when it reports its July-September quarter results later.

Domestic advances increased 12.51% YoY in the reported quarter to ₹9.39 lakh Crore from ₹8.34 Lakh Crore as of September 30, 2023. Domestic deposits increased by 7.14% year-on-year to ₹11.50 Lakh Crore, up from ₹10.74 lakh Crore last year. 

Domestic retail advances rose 20% to ₹2.32 Lakh Crore as of September 30, 2024, from ₹1.93 lakh Crore at the end of September 2023.

Bank of Baroda reported a 10% increase in standalone net profit to ₹4,458 Crore in the June 2024 quarter, aided by a reduction in bad loans. Last year, the state-owned bank made a net profit of ₹4,070 Crore.

BoB has been a market laggard, returning 12% over the last 12 months compared to 29% for the flagship Nifty index. So far this year, stocks have returned 5%, compared to the broader index’s 16%.

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