Bank of Baroda’s loan advances increase 19% y-o-y in March quarter

11 Apr 2023 , 12:09 PM

Bank of Baroda demonstrated significant progress in advances during the March quarter, recording a nearly 19% increase over the same period in the previous year. As of March 2023, the bank’s total deposits amounted to Rs 12.04 lakh crore, as opposed to Rs 10.45 lakh crore in March 2022.

Simultaneously, domestic deposits for Bank of Baroda surged by roughly 13% year-on-year to Rs 10.47 lakh crore in the same period. 

Additionally, domestic Current Account and Savings Account (CASA) deposits escalated by 7.9% to Rs 4.42 lakh crore.

Bank of Baroda’s Q4 business update shows a significant growth in advances, with global gross advances increasing 19% to Rs 9.73 lakh crore for the quarter ending March 2023. In comparison, domestic advances saw a 16.9% yoy growth, reaching Rs 7.99 lakh crore. 

Furthermore, domestic retail advances experienced a substantial yoy growth of 26.9%, amounting to Rs 1.78 lakh crore.

As of March 2023, the bank’s total deposits reached approximately Rs 12.03 lakh crore, reflecting a growth of about 15.1% from Rs 10.45 lakh crore as of March 2022.

The company’s business crossed a milestone of Rs 21 lakh, with total business growing 16.8% YoY to Rs 21.77 lakh crore.

At around 12.13 PM, Bank of Baroda was trading 2.89% higher at Rs 171, against previous close of Rs 166.20 on NSE. The counter touched an intraday high and low of Rs 173.90 and Rs 170.20 respectively.

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