Shares of Bank of Baroda (BoB) are expected to be in focus on Friday as the state-owned bank reported an 11.60% year-on-year (YoY) increase in global loans, which reached ₹11.43 lakh crore by the end of September 2024. The bank’s total deposits also saw a strong growth of over 9%, reaching ₹13.63 lakh crore, as stated in its quarterly update.
BoB’s total global business grew by 10.23% YoY to ₹25.06 lakh crore. These are early figures, and the final earnings will be shared in the bank’s official results later.
For domestic operations, loans increased by 12.51% YoY to ₹9.39 lakh crore as of September 2024, up from ₹8.34 lakh crore a year ago. Domestic deposits grew by 7.14% YoY to ₹11.50 lakh crore.
Retail loans in India saw a big jump of 20%, reaching ₹2.32 lakh crore compared to ₹1.93 lakh crore a year earlier.
On Thursday, BoB’s shares closed down by 2%, at ₹244.49 on the NSE. In the June 2024 quarter, the bank reported a 10% increase in standalone net profit to ₹4,458 crore, thanks to a reduction in bad loans. In comparison, the bank’s net profit in the same period last year was ₹4,070 crore.
However, BoB’s stock has lagged behind the broader market, delivering only 12% returns in the last year, compared to the 29% given by the Nifty index. This year, BoB shares have gained 5%, while the Nifty index rose by 16%.
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