State-run Bank of India (BoI) on Wednesday (January 10) reported its Q3 business update. The bank said its total business, on a global scale, witnessed a significant uptick, rising 9.9% to reach ₹12.76 lakh crore, compared to ₹11.61 lakh crore in the same period last year.
Globally, total deposits increased 8.66%, reaching ₹7.10 lakh crore compared to ₹6.53 lakh crore in the corresponding quarter of the previous year. In the domestic market, total deposits increased 7.62%, amounting to ₹5.99 lakh crore, up from ₹5.56 lakh crore YoY.
Gross advances worldwide clocked a robust growth of 11.49%, reaching ₹5.66 lakh crore compared to ₹5.07 lakh crore in the third quarter of the previous fiscal year. Domestic advances mirrored this trend, registering an 11.6% rise to ₹4.76 lakh crore, up from ₹4.26 lakh crore YoY.
Last week, Bank of India introduced a new 'Super Special Fixed Deposit' to celebrate the New Year. The scheme has a maturity period of 175 days and will offer an interest rate of 7.5% per annum for the period.
The Mumbai-based bank said this is a "high-yielding avenue for HNIs and corporates to deploy their surplus funds for the short term."
"The special fixed deposit is for domestic rupee term deposit only. It is introduced as a limited period offer," the bank said. Shares of Bank of Baroda ended at ₹223.80, up by ₹0.60, or 0.27%, on the BSE.
(Edited by : Shoma Bhattacharjee)
First Published: Jan 10, 2024 5:58 PM IST
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