Bank of Baroda: The stock of Bank of Baroda has returned 12.27% in the past six months. Over the same period, the benchmark Nifty Bank index has returned 7.20 percent. Bank of Baroda’s stock fell 0.24 percent in early trading on January 8 following the company’s announcement of a 13.6 percent increase in global advances. The stock was trading on the NSE at Rs 231.50 at 9:15 a.m.
Public sector lender Bank of Baroda saw a 10.68 percent year-over-year (YoY) increase in its international business, hitting Rs 22.95 lakh crore for the quarter that concluded in December of FY24. While deposits increased by 8.34 percent YoY to Rs 12.45 lakh crore, advances showed a significant YoY increase of 13.59 percent to Rs 10.49 lakh crore. The bank saw a YoY increase in deposits in the domestic market of 6.34 percent, reaching Rs 10.67 lakh crore. In parallel, advances in the domestic sector climbed by 13.4% to reach Rs 8.62 lakh crore in Q3FY24, according to information provided by the bank in a corporate disclosure filed on January 5 with the exchanges.
In a recent report, brokerage firm Motilal Oswal rated the Bank of Baroda stock as a “buy.” The target price was raised from Rs 240 to Rs 280 per share, which indicates a gain of almost 20% over the current market price. These numbers demonstrate the lender’s impressive growth in both domestic and international business operations and demonstrate its positive performance. The bank’s strong financial standing and capacity to draw in and handle capital are demonstrated by the notable increase in advances and deposits.
Overall, Bank of Baroda’s performance in Q3FY24 highlights its significance as a major actor in the financial system, supporting the expansion and stability of the banking industry.
Performance of stocks
The stock of Bank of Baroda has returned 12.27% in the past half-year. Over the same period, the benchmark Nifty Bank index has returned 7.20 percent.
