Bank of Baroda (BoB) has reported significant growth in its global business for the quarter ended September 30, 2024. The bank’s global advances rose by 11.60% year-on-year (YoY), reaching ₹11.43 lakh crore, while global deposits increased by over 9% YoY to ₹13.63 lakh crore. Overall, BoB’s global business grew by 10.23% YoY to ₹25.06 lakh crore. These are provisional figures, and final numbers will be disclosed in the upcoming quarterly results announcement.
On the domestic front, advances saw a robust increase of 12.51% YoY, totaling ₹9.39 lakh crore compared to ₹8.34 lakh crore as of September 30, 2023. Domestic deposits grew by 7.14% YoY to ₹11.50 lakh crore from ₹10.74 lakh crore in the previous year. Notably, domestic retail advances experienced a 20% surge, amounting to ₹2.32 lakh crore, up from ₹1.93 lakh crore at the end of September 2023.
Bank of Baroda shares concluded Thursday’s trading session on the NSE with a 2% decrease, closing at ₹244.49.
In its June 2024 quarter results, BoB had recorded a 10% increase in standalone net profit, reaching ₹4,458 crore, driven by a reduction in bad loans. This was an improvement from the ₹4,070 crore net profit reported in the same period last year.
Despite these gains, BoB’s market performance has lagged behind broader indices, providing 12% returns in the last 12 months versus the 29% returns seen in the Nifty index. So far this year, the stock has delivered 5% returns, whereas the broader index has yielded 16%
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