Bank of Baroda Aims to Double Total Business to Rs.48 lakh crore in Five Years

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Bank of Baroda (BoB), India’s second-largest public sector bank, is gearing up to strengthen its balance sheet by doubling its total business (deposits plus advances) to ₹48 lakh crore in the next five years. As of March-end 2024, BoB’s total business stood at ₹24,17,464 crore. In comparison, the largest bank in India, State Bank of India (SBI), has a total business of ₹86,83,612 crore. Punjab National Bank and Canara Bank rank third and fourth, respectively, among public sector banks, with total business figures of ₹23,53,038 crore and ₹22,72,968 crore.

Five-Year Business Plan

BoB has adopted a five-year business plan aimed at doubling its business within this timeframe. Debadatta Chand, MD & CEO of BoB, explained that this plan is flexible and subject to economic conditions. However, the bank has set a target to drive its business in the right direction. Chand emphasized that BoB aims to achieve a compounded annual growth rate (CAGR) of about 13.5% year-on-year (y-o-y) in a normalized scenario. He also stressed that the bank will not compromise on margins in pursuit of growth.

Growth in Deposits and Advances

BoB’s global deposits witnessed a year-on-year growth of 10.2% to reach ₹13,26,958 crore by the end of March 2024. Similarly, global advances experienced a growth of 12.5% to reach ₹10,90,506 crore during the same period.

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Expansion Plans

To support its growth objectives, BoB is considering expanding its branch network by adding approximately 650 branches in the next few years. Currently, the bank operates 8,243 branches. Additionally, BoB plans to enhance its manpower and is reassessing its workforce requirements as part of its five-year business plan. The bank is also focusing on productivity improvements, aiming to set a benchmark for the industry.

Revival of IT Subsidiary

During a recent press meet to discuss the fourth-quarter results, Chand revealed that BoB plans to revive its wholly-owned IT subsidiary, Barodasun Technologies Ltd. The subsidiary, established in 2017, is responsible for implementing enterprise-wide IT projects and developing financial products and solutions across different business verticals of the bank. Furthermore, BoB is actively working on talent management and capacity creation to support its expansion efforts.

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2 COMMENTS

  1. May the BARODA SUN SHINE AS BRIGHT AS EVER. AS MUCH AS ITS FOUNDER, THE MAHARAJA OF BARODA. All we BARODIANS including e Dena and e Vijaya are proud of our Bank and its achievement of Milestones, year after year.

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