News: Bank of Baroda posts 45% growth in global operations

(BL 21/07/2006) Mumbai - Bank of Baroda has posted a 45 per cent growth in its international operations for the quarter ended June 30. The bank has recorded 52 per cent rise in credit and 55 per cent increase in deposits for its international operations for the quarter under consideration, A.C. Mahajan, Executive Director, Bank of Baroda, said. He said that though the cost of funds has increased marginally, the net interest margin has not been affected. At present, retail loans contribute 19 per cent to the bank's total credit. Bank of Baroda, at its 99th year, expects to double its business in the next year, Anil. K. Khandelwal, CMD, said. The bank expects to set up 80 new branches. It plans to set up a branch at Singapore by September, Mahajan said.