BoB to double business in 3 yrs

Bank of Baroda (BoB), one of the leading public sector banks in the country, is looking to double its business in three years to Rs 5,00,000 crore, with an expected credit growth of 20-24 per cent during that period.

"We are expected to cross Rs 2,50,000 crore of business by the end of this financial year with the credit growth of around 20 per cent. This means we have doubled the business in the last three years and our next target would be to double the business in another three years," said Chairman and Managing Director AK Khandelwal.

During this period, the bank is eyeing a capital adequacy ratio of 12 per cent from the current 13 per cent.

The bank's international operations, which accounts for 20 per cent of the total business and 30 per cent of the net profit, is also slated to double by the end of March 2011 to Rs 1,00,000 crore from Rs 50,000 crore.

The bank is planning to add two more offices in Bahrain and Abu Dhabi shortly, taking its tally of overseas branches to 70, which is highest among the Indian banks.

"We have also filed applications for opening offices in New Zealand and Canada. Now, we are present in all the financial hubs across the world," he added.

However, Khandelwal clarified that the bank has no intention to raise any further capital as of now.

"We have enough head room in the Upper Tier-II capital and we would raise capital when required but as of now we don't have any plans to do so," he added.

Commenting on the farm loan waiver, the chairman said total credit to agriculture and allied activities amounted to Rs 10,000 crore, out of which 10 per cent could fall under the waiver.