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Bank Of Baroda Annual Report 2023 Summary

  1. The financial year 2022-23 marked a significant shift in the bank's performance across various areas. It mentions record levels of performance and sustainable growth in multiple aspects.

  2. The bank's total business nearly doubled from the previous year, demonstrating consistent performance despite challenges on both geopolitical and domestic fronts.

  3. The bank's liability management strategy allowed for growth while containing costs. It mentions deposit growth and the bank's ability to manage costs effectively.

  4. The bank achieved credit growth better than the industry average while maintaining underwriting standards and margins.

  5. The bank improved its asset quality with lower slippages, leading to reduced credit costs.

  6. Average Cost of Funds in FY 23 was 4.08% vs 3.64%, Average Yield on Funds was 7.17% vs 6.49%

  7. Credit growth of Scheduled Commercial Banks (SCBs) rose at a double digit of 15% as of March 2023 from 8.6% as of March 2022. The faster pace of credit off take is attributable to pent up demand factor as normalisation of economic activity gained pace.

  8. FY23 witnessed quite a bit of volatility on liquidity front.

  9. Net Interest Income of the Bank increased to Rs. 41,355 crore in FY 2023 from Rs. 32,622 crore in FY 2022, registered a growth of 26.8% on a YoY basis.

  10. Other Income of the Bank stood at Rs. 10,026 crore in FY 2023 which was at Rs. 11,484 crore in FY 2022. Operating expenses of the Bank stood at Rs. 24,518 crore in FY 2023 as compared with Rs. 21,716 crore in FY 2022.

  11. The bank reported a net profit of Rs.14,110 crore in FY 2023 which was increased nearly double of previous year’s Net profit of Rs. 7,272 crore.

  12. During FY 2023, Bank opened 1.09 crore new CASA accounts. Within this, the thrust was for opening accounts in paperless mode using Tablets (TAB) and increasing penetration of video based customer identification process (VCIP) mode of account opening

  13. Bank also launched new products suiting to specific segments of customers viz. Baroda Professional Savings account, RERA Current accounts, Current Account for Government Bodies.

  14. Extensive focus was given on Government business relationships and acquiring new accounts particularly SNA accounts of Centrally sponsored schemes across States. Special Emphasis was given for Increasing penetration of Key CASA enablers like POS, IPG& BCMS and activation of dormant accounts.

  15. Bank’s integration with the Ministry of Corporate Affairs Portal for opening Current Accounts of newly formed Companies has yielded opening of 4,641 current accounts during the year.

  16. Looking into the available business opportunities, Bank has also diversified the advances portfolio by taking exposure on Non-India related syndication loans in the primary and secondary market. Also, various new products have been launched to broaden the product basket

  17. Bank has taken various proactive steps in creating world class infrastructure for the branch in IFSC including state of the art dealing room for International treasury of global standard at GIFT city

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