Bank of Baroda on Monday said its total gross advances grew 19% year-on-year (YoY) to Rs 9.73 trillion duringthe fourth quarter of the previous fiscal. According to provisional data filed by the bank with the exchanges, domestic retail loans accounted for Rs 1.78 trillion of total advances.
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The bank’s total deposits, grew 15% YoY to Rs 12.03 trillion as of March end. Of the total, current account and savings account (CASA) deposits were at Rs 4.42 trillion.
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Total business grew 17% YoY to Rs 21.77 trillion, only behind State Bank of India and Punjab National Bank among public sector banks.
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As per a recent SBI report, banks are likely to witness a 12%-13% YoY growth in their overall advances in FY24, compared with an estimated 15%-16% credit growth in FY23. Deposit growth, on the other hand, is expected to be stable between 10% and 11% for both FY23 and FY24.
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In a separate notification, Bank of Baroda announced that it will raise its marginal cost of funds-based lending rate (MCLR) on overnight and one-year tenures by 5 basis points from April 12. Post revision, the overnight MCLR will rise to 7.95% from 7.90%, while one-year MCLR will be hiked from 8.55% to 8.60%. The MCLR on one-month, three-month and six-month tenures remains unchanged at 8.20%, 8.30% and 8.40%, respectively.
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Shares of Bank of Baroda ended 0.4% down at Rs 166.20 on the BSE on Monday.
