Bank of Baroda domestic advances grow 8% YoY in Q1; to raise Rs 7,500 cr via debt instruments

The public sector bank reported 8.51% rise in domestic advances to Rs 8,81,817 crore as on 30 June 2024 from Rs 8,12,626 crore as on 30 June 2023.

Domestic deposits stood at Rs 11,05,459 crore as on 30 June 2024, registering a growth of 5.25% year on year.

Domestic retail advances was at Rs 2,22,495 crore as on 30 June 2024, up 20.86% as against Rs 1,84,091 crore as on 30 June 2023.

The global business grew 8.52% to Rs 23,77,467 crore as on 30 June 2024 as compared to Rs 21,90,896 crore recorded in the same period a year ago.

Global deposits was at Rs 13,05,821 crore (up 8.83% YoY) and global advances stood at Rs 10,71,646 crore (up 8.14% YoY) as on 30 June 2024.

Meanwhile, the banks board has approved to raise additional capital up to Rs 7,500 crore by way of additional tier 1 (AT 1) or tier II debt capital instruments with an interchangeability option in India/overseas, in suitable tranches up to 31 March 2025 and beyond if found expedient.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,243 branches and 11,033 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 91 overseas offices spanning 17 countries. As of 31 March 2024, Government of India held 63.97% stake in the bank.

The public sector banks standalone net profit grew 2.33% to Rs 4,886.49 crore on 15.18% rise in total income to Rs 33,774.87 crore in Q4 FY24 over Q4 FY23.

The scrip fell 2.80% to currently trade at Rs 266.05 on the BSE.

Powered by Capital Market - Live News