Bank of Baroda (BoB) followed larger rival Punjab National Bank (PNB) in lending rate hikes, raising its marginal cost of funds-based lending rates (MCLRs) by five basis points (bps) across tenors on Thursday. The revised rates will come into effect on Saturday.

BoB’s one-year MCLR now stands at 8.5%. MCLRs for other tenures range between 8% and 8.35%. “The increase is attributed to higher cost of fund and rising interest rate scenario,” the bank said in a release.

Kamal Mahajan says he’s being asked just one question: how did he make money as peers lost $4.4 billion during India’s worst bond-market rout in two decades?

The answer, according to the head of treasury and global markets at Bank of Baroda, goes back to a contrarian bet taken two years ago.

Over the last week, Bank of Baroda (BoB) has put on sale non-performing assets (NPAs) worth Rs 7,655 crore, including its exposures to some accounts named in the Reserve Bank of India’s (RBI) two lists of bankruptcy cases, such as Essar Steel, Bhushan Power & Steel, Soma Enterprise and Visa Steel. BoB’s aggregate exposure to these accounts is Rs 3,004 crore.

Bank of Baroda (BoB) on Tuesday raised its marginal cost of funds-based lending rates (MCLRs) by five basis points (bps) across tenures, a days ahead of the Reserve Bank of India’s (RBI) monetary policy review. The one-year MCLR at the bank now stands at 8.45%. The new rates come into effect on Thursday.

Underlying trends in asset quality were good, with lower impaired loans and higher coverage – bank guided to watch list of 2.2% of loans. Core PPoP, ex one-offs, however, was 13% below MSe, driven by lower net interest income. Stay EW; we see better risk-reward at peer lenders. Slippages increased sharply QoQ, driven by change in RBI guidelines.

Public sector banks have had a nightmare of a quarter and Mumbai-headquartered Bank of Baroda (BoB) was no different. The third largest public sector lender reported a nasty loss of Rs3,102 crore for the fourth quarter of fiscal year 2018, far higher than the most pessimistic expectation of analysts.

Bank of Baroda on Friday reported a net loss of Rs 3,102 crore for the three months to March 2018, owing to a more-than-doubling of its provisions on an year-on-year basis to Rs 6,672 crore in Q4.

Net interest income (NII) — the difference between interest earned and interest expended — rose 11.7% y-o-y to Rs 4,002 crore.

Bank of Baroda (BoB) on Friday became the second large public-sector bank (PSB) to raise interest rates on retail deposits. Term deposits of under Rs 1 crore will now earn 10-35 basis points (bps) more than earlier. The rate on deposits with a maturity of one year has been raised by 15 bps to 6.6%. The corresponding rate at State Bank of India (SBI), HDFC Bank and ICICI Bank are 6.4%, 6.75% and 6.6%, respectively.

Bank of Baroda objected to the freezing of some of its funds in South Africa after it was alleged to have helped transfer money meant for the development of a government-backed dairy farm to the politically connected Gupta family and their associates.

The 30 million-rand ($2.5 million) preservation order is wrong because the money due to clients had already been withdrawn and the attachment of an equal amount of the lender’s own funds is “unsustainable,” Luke Spiller, a legal representative for the Bank of Baroda, said in the Free State province’s High Court in Bloemfontein on Thursday.

The Bank of Baroda (BoB) played a crucial role in allowing South Africa’s politically influential Gupta family to move hundreds of millions of dollars linked to alleged dirty deals into offshore accounts, an investigation by the Organized Crime and Corruption Reporting Project (OCCRP) and The Hindu has found.

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