Bank of Baroda on Monday reported its Q4 business update, said that the bank’s total deposits grew by 15.1 per cent to ₹12.04 lakh crore as of quarter ended 31 March,2023, as compared to ₹11.4 lakh crore in the corresponding quarter last fiscal.
“Total Deposits of the bank grew by 15.1% YoY and 4.7% QoQ to Rs. 12.04 trillion as of 31st March 2023.,” said Bank of Baroda in its regulatory filing.
The domestic deposits grew around 13 per cent year-on-year to ₹10.47 lakh crore during the same period as compared to ₹10.03 lakh crore.
Bank of Baroda’s advances for the quarter ended March 2023, increased by 19 per cent to ₹9.74 lakh crore.
“Total Advances of the bank grew by 19% YoY and 5.4% QoQ to Rs. 9.74 trillion as of 31st March 2023.,” the filing added.
The bank’s global gross advances jumped 19 per cent to ₹9.73 lakh crore in quarter ended March 2023. While, domestic advances jumped 16.9 per cent on a yearly basis to ₹7.99 lakh crore. Domestic retail advances rose 26.9 per cent YoY to ₹1.78 lakh crore.
The overall business crossed ₹21 lakh milestone. The total business grew 16.8 per cent YoY to ₹21.77 lakh crore.
Bank of Baroda December quarter standalone net profit rose by 75 per cent to ₹3,853 crore, from ₹2,197 crore in the corresponding quarter last fiscal. The bank’s net interest income (NII) grew over 26 per cent to ₹10,818 crore as compared to ₹8,552 crore YoY.
Net Interest Margin (NIM) stood at 3.37 per cent in the quarter ended December 2022, an increase of 24 basis points (bps) YoY for the quarter.
On Monday, the company’s scrip ended 0.39 per cent down at ₹166.20 on BSE.
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