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“Board of directors of Bank of Baroda at its meeting held today, June 2, 2023, inter-alia considered and approved raising of additional capital up to Rs 5,000 crore by way of Additional Tier I (AT-I) or Tier-II debt capital instruments with an interchangeability option in India/overseas, in suitable tranches up to March 31, 2024, and beyond if found expedient,” the bank said in a regulatory filing.
In the quarter that ended on March 31, the bank’s net profit grew 168 per cent year-on-year (YoY) to Rs 4,775 crore, owing to healthy growth in advances and net interest income (NII).
The board of directors recommended a dividend of Rs 5.5 per share (of face value Rs 10 each) for FY23, subject to requisite approvals, the bank said.
Last week, the bank said it expects 12-15 per cent credit growth during the current financial year.
“We aim at credit growth of 12-15 per cent while deposits are expected to grow at 12-13 per cent,” Lalit Tyagi, the bank’s executive director said on the sidelines of “Bank of Baroda Rashtrabhasha Samman” Awards 2023.
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