Public sector lender Bank of Baroda’s (BoB) progress in FY23 grew by 19 percent on a year-on-year (YoY) basis, higher than the nearly 15 percent growth in the banking system for the financial year.
In absolute terms, advances rose to Rs 9.73 trillion by the end of 2023 from Rs 8.18 trillion at the end of March 2022, according to a BSE filing.
BoB deposits rose 15.1 percent YoY to Rs 12.04 trillion at the end of March 2023. This pace was higher than the 9.6 percent annual growth in banking system deposits Sequentially they rose 4.7 percent to Rs 11.5 trillion at the end of December 2022.
The bank closed down 0.4 percent at Rs 166.2 per share on the stock exchange.
Sequentially advances grew by 5.4 percent over Rs 9.23 trillion at end of December 2022. The retail advances in domestic books expanded by 26.9 percent YoY to Rs 1.78 trillion at the end of March 2023.
As of March 31, 2023, the total Business – advances plus deposits — of the bank crossed Rs 21 trillion milestone. Total Business of the bank grew by 16.8 percent YoY to Rs. 21.77 trillion.
