Gujarat, September 24 (Meel Bijendra) – The total deposits of Bank of Baroda increased to INR 12,03,688 crore during FY 2023 from INR 10,45,939 crore during FY 2022, registering a growth of 15.1% on an annual basis.
Bank of Baroda is the second largest public sector bank in India after State Bank of India with 153 million customers. During FY 2023, the bank’s domestic CASA recorded an annual growth of 7.9% to reach INR 4,42,511 crore.
Domestic deposits recorded a 13% year-on-year growth to INR 10,47,375 crore during FY23. The bank’s net advances increased to INR 9,40,998 crore during FY 2023 from INR 7,77,155 crore during FY 2022, registering a growth of 21.1% during the period.
Bank of Baroda’s global gross advances recorded a growth of 18.5% year-on-year to reach INR 9,69,548 crore in FY2023 as compared to INR 8,18,120 crore in FY2022.
The total business of the bank increased from INR 18,64,059 crore in FY2022 to INR 21,73,236 crore in FY2023, registering a growth of 16.6% year-on-year.
The bank’s net interest income increased from INR 32,621 crore in FY2022 to INR 41,356 crore in FY2023, registering a growth of 26.8% year-on-year. Other income of the bank was INR 10,026 crore in FY 2023 which was INR 11,484 crore in FY 2022.
Operating expenses of the Bank stood at INR 24,518 crore in FY 2023 as compared with INR 21,716 crore in FY 2022. Operating Income of the Bank increased to INR 51,382 crore in FY 2023 from INR 44,106 crore in FY 2022, registered a growth of 16.5% on a YoY basis.
Bank of Baroda reported a net profit of INR 14,110 crore in FY23, almost double the previous year’s net profit of INR 7,272 crore. The bank’s operating profit increased by 20% to INR 26,864 crore in FY2023 compared to INR 22,389 crore in FY2022.