Bank of Baroda stock jumps over 3% as global biz grows over 10% in Q2
Source: Business Standard
Bank of Baroda’s (BoBs) share price climbed 3.12 per cent in intraday deals on Friday. The stock price surged to 252.70 per share intraday after the company on Thursday announced its provisional business update for the second quarter of financial year 2024-25 (Q1FY25), while also delineating its plans to sell its Oman operations to Bank Dhofar.
The public sector undertaking (PSU) bank, reported a 10.23 per cent year on year growth in its global business to Rs 25.06 trillion.
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Further, the bank’s global advances grew by 11.60 per cent Y-o-Y to Rs 11.43 trillion as of 30th September 2024. On the other hand, domestic advances soared by 12.51 per cent to Rs 9.39 trillion.
In terms of deposits, the global deposits jumped 9.11 per cent Y-o-Y to Rs 13.63 trillion in Q2FY25 from Rs 12.49 trillion in Q2FY24, while domestic deposits scaled 7.4 per cent to Rs 11.50 trillion on a Y-o-Y basis from Rs 10.74 trillion.
The retail segment of the domestic deposits also increased by 19.9 per cent to Es2.32 trillion, compared with 1.93 trillion in the same period last year.
Apart from the business update for Q2, the bank also unveiled its plans to offload its Oman operations to Bank Dhofar as part of a foreign operation rationalisation strategy. The total business of BoB in Oman stands at 113.35 million Omani Rial (OMR) with a net worth of OMR 25.54 million
Share price history
BoB’s share price underperformed the market as it has gained only 7.7 per cent year to date, while soaring over 18.6 per cent in the last one year. In comparison BSE Sensex has risen 14.6 per cent year to date and 27 per cent in a year.
The company has a total market capitalization of Rs 1.30 trillion. Its shares are trading at price to earnings valuation of 6.97 times, while having an earning per share of Rs 35.
At 11:02 AM, the stock price of the company rose 2.88 per cent to Rs 252.10 a piece on the BSE. By comparison, the BSE’s Sensex was up 0.47 per cent to 82,885.52 level.
First Published: Oct 04 2024 | 11:06 AM IST
