19 hours ago
HomeMarket NewsBank of Baroda Q3 loan book growth higher than management guidance; Stock in focus
Bank of Baroda's management had earlier guided for loan growth in the full financial year to be in the range of 11% to 13%. The third quarter growth figure has surpassed that guided range.
State-run lender Bank of Baroda Ltd. reported its business update for the third quarter on Sunday, January 4, where some of its core metrics were higher than what the management had guided for.
The lender's loan book grew by 14.6% in the December quarter to ₹13.43 lakh crore, compared to ₹11.73 lakh crore during the same quarter last year. On a sequential basis, loan book growth stood at 5.1%.
Bank of Baroda's loan book growth for the quarter is higher than the management's guidance of growth being in the 11% to 13% range.
Deposits for the quarter also increased by 10.3% from the same quarter last year to ₹15.46 lakh crore from ₹14.02 lakh crore earlier.
Loan book growth domestically stood at 13.54% year-on-year. The ₹10.95 lakh crore figure was higher than last year's figure of ₹9.64 lakh crore.
In an interaction with CNBC-TV18 on November 3 last year, Debadatta Chand, the MD & CEO of Bank of Baroda had said that there are pockets in the corporate lending business that are showing strong traction.
Chand also said that the lender is working towards reducing its dependency on bulk deposits, as they are a volatile component.
Shares of Bank of Baroda ended at a 52-week high on Friday, rising 1.7% to ₹305.8. The stock is up 35% in the last one year.
