Bank of Baroda, third largest state-run lender is likely to open about 13 overseas branches in the next six months. Currently, the bank has 87 branches and it plans to take the number of branches to 100 in six months.
The Reserve Bank of India (RBI) has given license to the bank for Australia and it is now awaiting a license from the Australian authorities. The bank also plans to open its Malaysian branch, in joint venture with Indian Overseas Bank and Andhra Bank. It has formed subsidiary for the same, and it will open the branch in February. The entity is also considering branches in Kenya, Uganda, New Zealand, Botswana, Tanzania, and the UAE as overseas branches contribute about 25% of the bank's business.
The bank’s net profit for the second quarter of the current fiscal has grown 14.40% at Rs 1166.08 crore as compared to Rs 1019.30 crore for the corresponding quarter of the last year. The bank’s total income has surged 36.74% at Rs 7985.78 crore for the quarter under review as compared to Rs 5839.96 crore for the second quarter of the previous year.
Company Name | CMP |
---|---|
SBI | 821.05 |
Bank Of Baroda | 246.60 |
Canara Bank | 101.45 |
PNB | 101.75 |
Union Bank Of India | 118.20 |
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