Public sector bank, Bank of Baroda, is hoping to achieve a business growth of 19 to 20 percent this fiscal year. Though at a time when the economy is facing a slowdown, business growth of 19-20 percent seems to be an ambitious target.
But the Chairman and Managing Director of the Gujarat headquartered bank is optimistic, given the bank's performance in the last couple of years. Talking on the matter, he said that from the year 2005 the bank has been doubling its business every three years, growing at a rate of 27 percent annually.
Last fiscal, BoB recorded a business of Rs. 6.72 lakh crore, and maintained a return on equity to the tune of 20 percent.
He further added that there is enough liquidity to support a credit growth of 18-19 percent in the current fiscal. The bank's books show a total credit of Rs. 2.3 lakh crore. It is reported that the bank has restructured loans worth Rs. 780 crore across all industry segments.
The bank has a total of 4000 branches throughout the country and has plans to set up another 500 branches this year. Additionally, it has 96 overseas branches covering 25 countries, and proposes to open 4 new overseas branches shortly.