The brass of 10 public sector banks (PSBs) will meet in Mumbai on Wednesday to gain insights from Bank of Baroda (BoB) in managing its merger with Dena Bank and Vijaya Bank. The four anchor banks and six merging entities will also discuss initial merger plans.
A senior executive of a South India-based PSB said, “We are meeting in the financial capital to understand from BoB how it went about the integration process for Vijaya Bank and Dena Bank.”
The country’s second largest state-owned lender, Bank of Baroda, on Monday announced that it had plans to lend up to Rs 1,000 crore in tandem with 16 non-banking financial companies (NBFCs) and microfinance institutions (MFIs) in the current quarter.
With this step, the bank will get new accounts, to whom they will be cross-selling other products as well. At the same time, NBFCs will get an opportunity to grow their business – asset under management – without facing any capital constraints or funding related challenges.
Public sector lenders, including PNB, BoB and Corporation Bank, have organised a two-day consultation process at branch level, seeking suggestions to make the sector future ready and be a catalyst in economic growth. The consultations were held over a period of two days from August 17-18 under the direction of Department of Financial Services, Ministry of Finance.
Bank of Baroda (BoB) on Thursday reported a 28% year-on-year rise in its consolidated net profit at Rs 826.13 crore for the June quarter of 2019-20 financial year. This is the lender’s first earnings announcement after it merged Dena Bank and Vijaya Bank with itself.
In the year-ago period, Bank of Baroda’s consolidated net profit was at Rs 645.71 crore.
India’s second largest public sector lender, Bank of Baroda, has cut its savings deposit interest rates by 25 basis points (bps) to 3.25% per annum, which is the lowest among its peers. The rate has been revised on saving accounts with balance below Rs 50 lakh and are applicable with effect from July 20. The bank last week also cut its term deposit rates across tenures; for 1-year term deposit, interest rate was cut 25 bps to 6.45% per annum.
Public sector lender, Bank of Baroda (BoB) revised its interest rates on fixed deposits (FDs) effective 20 July 2019. Bank of Baroda offers interest rates ranging from 4.50% p.a. to 6.60% p.a. for FD with tenures ranging from seven days to 10 years. The bank has reduced the rate of interest across all maturities. FD rates of Bank of Baroda now range from 5.25% p.a. to 6.25% p.a. on deposits with a tenure of 7 days to less than one year.
New Delhi: Bank of Baroda plans to launch an online marketplace to its customers offering banking services and farm-related products.
The state-owned lender has invited bids seeking a partner to supply 'digital commerce platform' to provide assistance to merchants on catalog management, purchase management fulfilment, pricing, promotion and other similar services.
Shares of Bank of Baroda (BoB) slipped 2 per cent to Rs 120 apiece in the early morning trade on Monday after reports surfaced the state-run lender has entered into a transaction with Dewan Housing Finance Corporation(DHFL) to buy loans worth Rs 3,000 crore against its exposure to the non-bank lender.
Even as Indian banks reported an uptick in stressed education loans, public sector lender Bank of Baroda (BoB) expects a growth in education loans portfolio during the financial year 2019-20.
According to the Indian Banks’ Association (IBA), the non performing assets (NPA) in the education vertical jumped to 8.97% in March 2018 vis-a-vis 7.29% in March 2016. The bad loans of public sector banks (PSB) in the education sector stood at 5.70% in March 2015.
A steady core and curtailed incremental stress are the key characteristics of Bank of Baroda’s (BoB’s) Q4FY19 results. That said, higher provisions (due to seasoning and a markdown of a few assets) led to a loss of `9.9 bn.
Key highlights: (i) Slippages were restricted at `37.5 bn (3.3%, >30% from corporate book, largely IL&FS). Though coverage improved to about 67% and NNPLs fell to 3.3%, the exposure to DHFL, ADAG, etc. raises concern.
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