BoB aiming at Rs 5,00,000cr business in 3yrs

Bank of Baroda (BoB) is aiming at doubling business in the next three years to Rs 5,00,000 crore.

"We are expected to cross Rs 2,50,000 crore business by the end of this fiscal. Credit growth would be around 20%, which means we have doubled business in the last three years. Our next target would be to double the business in another three years," said A K Khandelwal, chairman and managing director, Bank of Baroda.

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

Commenting on the farm loan waiver anounced in Budget 2008, Khandelwal said the total credit to agriculture and allied activities of the bank amounts to Rs 10,000 crore out of which 10% could fall under the waiver. "We are working on the figures at the moment, but its likely to be around Rs 1,000 crore," Khandelwal said.