Bank of Baroda Sees Impressive Growth in Advances and Retail Loans
In a recent report, Bank of Baroda revealed significant growth in its retail lending sector, leading to an overall 11.7% increase in global business to Rs 25.6 lakh crore as of December 31, 2024. This growth highlights the bank’s strong performance in advancing its loan portfolio and expanding its customer base.
Global Growth in Advances and Deposits
The bank’s global advances saw a notable 11.7% uptick to Rs 11.7 lakh crore by the end of December 2024. Simultaneously, global deposits also experienced growth, rising by 11.8% to approximately Rs 13.9 lakh crore during the same period. These figures demonstrate Bank of Baroda’s ability to attract deposits and leverage them to fuel its lending activities effectively.
Domestic Performance Surpasses Expectations
On a domestic level, Bank of Baroda continued its upward trajectory, with deposits increasing by 9.2% from Rs 10.7 lakh crore in December 2023 to Rs 11.7 lakh crore in December 2024. Domestic advances mirrored this growth, expanding by 11.8% to reach Rs 9.6 lakh crore compared to Rs 8.6 lakh crore in 2023. Notably, domestic retail advances showed remarkable progress, jumping by 19.5% from Rs 2 lakh crore in 2023 to Rs 2.4 lakh crore in 2024.
Provisional Figures Subject to Audit
It is essential to note that these figures are provisional and will undergo rigorous auditing and review by the bank’s statutory central auditors. While the initial results showcase a promising trend for Bank of Baroda, the final numbers may vary slightly after the audit process is complete.
Overall, Bank of Baroda’s performance in advancing its global business, particularly in the retail lending segment, reflects a robust growth strategy and a firm commitment to serving its customers’ financial needs. As the bank continues to navigate the evolving economic landscape, its focus on expanding its loan portfolio and attracting deposits positions it well for sustained success in the future.
