Bank of Baroda reported its Q4 business update on Monday, stating that the total deposits of the bank grew by 15.1 per cent. 12.04 lakh crore in the quarter ending March 31, 2023 as compared to Rs. 11.4 lakh crore in the same quarter of the last financial year.
“Total deposits of the bank grew by 15.1% YoY and 4.7% QoQ to Rs 12.04 trillion by March 31, 2023.” Bank of Baroda In its regulatory filing.
Domestic deposits grew by nearly 13 per cent year-on-year 10.47 lakh crore during the same period as compared to 10.03 lakh crores.
Bank of Baroda advances by 19 percent for the quarter ended March 2023 9.74 lakh crores.
“The bank’s total advances grew 19% YoY and 5.4% QoQ to Rs. 9.74 trillion by March 31, 2023,” the filing added.
Bank’s global gross advances jumped 19 percent 9.73 lakh crore in the quarter ending March 2023. Whereas, domestic advances jumped by 16.9 per cent on an annual basis. 7.99 lakh crores. Domestic retail advances grew by 26.9 percent YoY 1.78 lakh crore.
total turnover exceeded 21 lakh milestone. Total business increased at the rate of 16.8 percent 21.77 lakh crores.
Bank of Baroda’s December quarter standalone net profit up 75 percent 3,853 crores, from 2,197 crore in the corresponding quarter of the previous financial year. Bank’s Net Interest Income (NII) grew by over 26% 10,818 crore as against Rs. 8,552 cr Yo.
Net interest margin (NIM) stood at 3.37 per cent for the quarter ended December 2022, an increase of 24 basis points (bps) for the quarter.
The company’s stock closed down 0.39 per cent on Monday. 166.20 on BSE.
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