Bank of Baroda Q2 business update: Domestic deposits up by 7%, global business expands 10.23%

New Delhi: Bank of Baroda's domestic advances grew by 12.51% year-on-year (YoY) to reach Rs 9.39 lakh crore for the quarter ending on September 30, 2024. Domestic deposits also saw a 7.14% YoY increase, rising to Rs 11.50 lakh crore from Rs 10.74 lakh crore.

The bank's domestic retail advances surged 20% YoY to Rs 2.32 lakh crore as of September 30, 2024, up from Rs 1.93 lakh crore in September 2023.

On the global front, Bank of Baroda’s advances increased by 11.6% YoY to Rs 11.43 lakh crore. The bank’s global deposits grew by over 9%, reaching Rs 13.63 lakh crore during the same period

Overall, BoB’s global business, combining both advances and deposits, expanded by 10.23% YoY, totaling Rs 25.06 lakh crore by the end of September 2024, the bank said in a regulatory filing.

Furthermore, the bank has also accepted an offer from Bank Dhofar to acquire its banking business in Oman.

While the date for the agreement and expected completion of the sale are yet to be determined, the move marks a key strategic decision for the bank’s international operations.

Additionally, the bank has raised Rs 5000 crore by issuing 10-year infrastructure bonds.