AgenciesThe bank's total deposits stood at Rs 12.04 lakh crore as of March 2023, compared with Rs 10.45 lakh crore as of March 2022. Meanwhile, domestic deposits grew around 13% year-on-year (YoY) to Rs 10.47 lakh crore during the same period, while domestic CASA deposits grew 7.9% to Rs 4.42 lakh crore.
According to the fourth quarter business update released by the bank, global gross advances jumped 19% to Rs 9.73 lakh crore for the quarter ended March 2023. Whereas, domestic advances jumped 16.9% YoY to Rs 7.99 lakh crore. Domestic retail advances rose 26.9% YoY to Rs 1.78 lakh crore.
The overall deposits aggregated to nearly Rs 12.03 lakh crore as of March 2023, a growth of around 15.1% over Rs 10.45 lakh crore as of March 2022. Meanwhile, the overall business crossed Rs 21 lakh crore milestone. The total business grew 16.8% YoY to Rs 21.77 lakh crore.
At 9.50 am, the stock was trading 3.2% higher at Rs 171.4 on BSE. In the last one year, the stock has surged 43%, however, it has declined 8% on a year-to-date basis.
Domestic brokerage Motilal Oswal expects that Bank of Baroda's net profit will see a 142% YoY jump in Q4 FY23. It also expects the bank earnings and business growth to see healthy traction.
Motilal Oswal has a Buy recommendation on Bank of Baroda with a target price of Rs 240, which signals an upside potential of 45% from the current market price.
"Opex trajectory, particularly employee costs, is a key focus area due to wage revision costs. Traction in deposits, cost of deposits and margin trajectory to be key monitorable," the brokerage said.
In Q3 FY23, Bank of Baroda declared the highest-ever quarterly standalone net profit of Rs 3,853 crore, which was up by over 75% from the year-ago quarter of Rs 2,197 crore. Its net interest income (NII) grew over 26% to Rs 10,818 crore as compared to Rs 8,552 crore YoY. Net Interest Margin (NIM) stood at 3.37% in the October-December period, an increase of 24 basis points (bps) YoY for the quarter.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
Tuesday, 11 Apr, 2023- Front Page
- Pure Politics
- Companies
- ET Markets
- More
- SBI Looks to Raise up to $2b in FY24 via Overseas Bond Sales
State Bank of India (SBI), the country’s biggest government-owned entity by market capitalisation, Monday said it plans to garner up to $2 billion in FY24 through overseas bond sales, likely dwarfing last year’s foreign fund-raises by three of its closest private-sector rivals including HDFC Bank.
Zerodha Expects 20% Jump in FY23 Revenue, ProfitIndia’s largest broker Zerodha expects its revenue and profit to have expanded by a fifth in the fiscal year ending March 2023. But there is a major correction ahead for the stock broking firm in the current fiscal, according to its founder and chief executive officer Nithin Kamath.
Reliance, WH Smith, Others Show Interest in Future RetailReliance Retail, WH Smith, a consortium led by Boston-based restructuring firm Gordon Brothers, and April Moon Retail, in which Adani Group owns a stake, are among 49 contenders that have submitted expressions of interest (EoIs) for Future Retail Ltd.
Read More News on
Download The Economic Times News App to get Daily Market Updates & Live Business News.
Get Unlimited Access to The Economic Times 
