Bank of Baroda dips despite 13.6% growth in Q3 global advances, 8.34% rise in deposits

Shares of Bank of Baroda dropped 0.24 percent in early trade on January 8 after reporting a 13.6 percent growth in global advances. At 9:15am, the stock was trading at Rs 231.50 on the NSE.

Bank of Baroda, a public sector lender, experienced a 10.68 percent year-on-year (YoY) growth in its global business, reaching Rs 22.95 lakh crore for the quarter ended December FY24. Advances showed a substantial 13.59 percent YoY increase, totaling Rs 10.49 lakh crore, while deposits rose by 8.34 percent YoY to Rs 12.45 lakh crore.

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In the domestic market, the bank observed a 6.34 percent YoY growth in deposits, reaching Rs 10.67 lakh crore. Simultaneously, advances in the domestic sector increased by 13.4 percent to reach Rs 8.62 lakh crore during Q3FY24 as detailed by the bank in a corporate disclosure with the exchanges on January 5.

Stock call: Check brokerage views, target price

Brokerage firm Motilal Oswal has given a ‘buy’ rating to the Bank of Baroda stock in a recently released report. The target price was upgraded to Rs 280 per share from Rs 240, implying an upside of nearly 20 percent from the current market price.

These figures reflect the lender’s positive performance, showcasing significant growth in both global and domestic business operations. The substantial rise in advances and deposits highlights the bank’s robust financial position and its ability to attract and manage funds effectively.

Overall, Bank of Baroda’s performance in Q3FY24 underscores its role as a key player in the financial landscape, contributing to the growth and stability of the banking sector.

Stock performance

The Bank of Baroda stock has given a return of 12.27 percent over the last six months. The benchmark Nifty Bank index which has given a return of 7.20 percent over the same duration.

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