Bank of Baroda hikes lending rates by 5 bps in select tenures

Loans linked to MCLR undergo a reset period, after which the interest rates are revised for borrowers.

Last week, the bank reported that its global business grew 10.68% year-on-year, reaching ₹22.94 lakh crore as of December 31, 2023. Global advances, a key indicator of the bank's lending activities, demonstrated a year-on-year increase of 13.59%, totalling ₹10.49 lakh crore as of December 31, 2023.

Simultaneously, global deposits witnessed a growth of 8.34% year-on-year, amounting to ₹12.45 lakh crore as of the end of December 2023. In the domestic market, Bank of Baroda continued its positive trajectory, with deposits growing by 6.34% year-on-year, reaching ₹10.67 lakh crore as of December 31, 2023.

Domestic advances, a key metric reflecting the bank's lending within the country, saw a year-on-year increase of 13.4%, amounting to ₹8.62 lakh crore. Further, domestic retail advances soared 22.08% year-on-year to reach ₹2.03 lakh crore.

Shares of Bank of Baroda Ltd ended at ₹223.80, up by ₹0.60, or 0.27%, on the BSE.