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Bank of Baroda now 2nd largest PSU bank as per total business

Bank of Baroda now 2nd largest PSU bank as per total businessBank of Baroda (BOB) has achieved a total business of Rs 20,73,385 crore as of 31 December 2022, registering a growth of 18.5% y/y. Its latest financial statement claims that BOB is now India’s second-largest public sector bank as per total business.

Global advances of Bank of Baroda have registered a strong y/y growth of 19.7% in Q3FY23Domestic advances of the bank increased to Rs 7,60,249 crore, 16.2% y/yIts organic retail advances grew by 29.4%, led by growth in high-focus areas such as auto loan (27.5%), home loan (19.6%), personal loan (169.6%), mortgage loan (20.5%), education loan (24.1%). Its credit cost was at a record low of 0.37% and net interest income (NII) grew by 26.5% and 24.2% for Q3FY23 & 9MFY23 respectively. Its global deposits increased by 17.5% to Rs 11,49,507 crore and domestic deposits by 14.5%  y/y to Rs 10,03,737 crore in December 2022. Bank of Baroda (BOB) has declared its highest ever quarterly net profit of Rs 3,853 crore for Q3FY23 up by 75.4% y/y and its net profit in (9MFY23) stood at Rs 9,334 crore registering a strong y/y growth of 69.9%.

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