Bank of Baroda Q2 profit surges 28.3% on better asset quality, higher incomes

CRAR of the BOB stands at 15.30 percent in Sep’23. Tier-I stood at 13.19 percent and Tier-II stood at 2.11 percent as of Sep’23.

Bank of Baroda Global Deposits increased by 14.6 percent YoY to Rs 12,49,647 crore. Domestic Deposits increased by 12.0 percent YoY to Rs 10,74,114 crore in Sep’23. However, the bank's International Deposits grew by 33.8 percent on a YoY basis to Rs 1,75,533 crore in Sep’23. Bank's Auto Loan grows at 21.1 percent, Home Loan at 16.1 percent, Personal Loan 67.2 percent, Mortgage Loan 13.3 percent, Education Loan 18.3 percent on a YoY basis.

The last few months have been turbulent for the public sector lender after it was accused of serious irregularities in onboarding customers to its BoB World app. The bank tampered with customer accounts and linked the contact details of different people to increase the number of mobile application registrations, media reports said.

On October 10, the Reserve Bank of India barred the bank from onboarding customers on the World app.

An internal probe found that several employees fed their numbers for registration and deregistration on the World application without the consent of the customers.

A week later, Moneycontrol was the first to report that the bank had suspended more than 60 employees, including 11 assistant general managers, following an internal audit. Recently, the bank’s chief of digital lending Akhil Handa also quit.