At 19%, BoB's loans grew faster than overall banking system in FY23

The lender's deposit growth at 15.1% YoY was also higher than the banking average

Public sector lender Bank of Baroda’s (BoB) advances rose by 19 per cent on a year-on-year (YoY) basis in FY23, higher than banking system's growth of around 15 per cent for the financial year.

In absolute terms, advances rose from Rs 8.18 trillion at the end of March 2022 to Rs 9.73 trillion by March 2023-end, according to a filing with the BSE.

BoB's deposits expanded by 15.1 per cent YoY to 12.04 trillion at the end of March 2023. This pace was also higher than the banking system’s 9.6 per cent YoY growth in deposits. Sequentially they were up by 4.7 per cent over Rs 11.5 trillion at end of December 2022.

The bank's stock closed lower by 0.4 per cent to Rs 166.2 per share on exchange.

Sequentially advances grew by 5.4 per cent over Rs 9.23 trillion at end December 2022.  The retail advances in domestic book expanded by 26.9 per cent YoY to Rs 1.78 trillion at the end of March 2023.

As of March 31, 2023, the total Business – advances plus deposits -- of the bank crossed Rs 21 trillion milestone. Total Business of the bank grew by 16.8 per cent YoY to Rs. 21.77 trillion.