NEW DELHI: Bank of Baroda had classified the Rs 435 crore loan given to Vikram Kothari-run Rotomac Global a "non-performing asset" in October 2015 and a "fraud" in December 2017 but it came running to investigating agencies on Sunday after the Nirav Modi swindle came to light, fearing that Kothari too might leave the country.

Bank of Baroda has rallied 7% to Rs 166 on BSE in intra-day trade after an improved operating performance in December quarter (Q3FY18).

The state-owned bank said its operating profit was Rs 36.50 billion during quarter ended Dec’17, thereby registering year-on-year (YoY) growth of 40.66%, driven by growth both in interest and fee income. The bank’s domestic credit registered YoY growth of 16.38% driven by retail loans growth of 33.37% and within retail loans, home loan growth of 44.33%.

In a strategy running contrary to trend of hardening of rates, Bank of Baroda (BoB) has slashed benchmark lending rate — Marginal Cost of funds-based Lending Rates [MCLR] by 10-25 basis points for tenors less than one year.

The lender has also decided to discontinue the computation and declaration of MCLR for tenors above one year.

Mumbai: Bank of Baroda (BoB) has drawn a road map to be among the top three credit card issuers in the country. The state-owned lender — which last year hired Manoj Piplani, head of Barclay's UK card business — has now repositioned its cards division as a non-banking finance company (NBFC) that will also extend retail loans.

On Wednesday, the bank launched its three cards — Easy, Select and Premier — for different segments with five times rewards.

Bank of Baroda (BoB) said it is planning to sell its 0.89% stake in the National Stock Exchange (NSE). It has set a floor price of Rs 900 per share for the sale to prospective buyers through a bidding process. At this price, the bank could garner at least Rs 395 crore from the sale. Bank of Baroda (BoB) intends to sell its part or full stake in NSE up to the extent of 43,94,500 equity shares, of face value Rs 1 each by way of sale through competitive bidding process to bidders to be submitted by Sebi-approved Category I Merchant Banker on net price basis or quoted share price less fee of bidder, the lender said in an advertisement.

Bank of Baroda (BoB), India's third-largest state-run lender, is seeking to sell unit Nainital Bank as it sheds non-core assets to bolster its balance sheet, people familiar with the matter said.

A decision on the size of the stake to be sold will depend on approvals from the Reserve Bank of India (RBI), the people said, asking not to be named as the information is not public. BoB holds 98.6 per cent stake in the 96-year-old Nainital Bank, which had assets of about Rs 77 billion ($1.2 billion) as of March end, information available on the lender's website shows.

Bank of Baroda (BoB) is scaling down its overseas presence as part of a rationalisation process. It is planning to shut down a branch in Hong Kong and a representative office in Thailand.

A senior bank executive said as Hong Kong was the financial hub of Asia it remained a key business centre for the bank and it would continue to strengthen its presence with the remaining branch.

State-run Bank of Baroda Ltd reported a 36 per cent fall in second-quarter net profit on Tuesday, hurt by higher provisions for bad loans.

Net profit dropped to Rs 355 crore ($54.26 million) for the quarter ended Sept. 30, from Rs 552 crore a year earlier, India's fifth-largest bank by assets said.

Bank of Baroda is being investigated by South Africa’s central bank over money held for companies controlled by the politically connected Gupta family, according to a person familiar with the matter.

The South African Reserve Bank’s probe, which comes after it fined the bank in June for not doing enough to combat financial crime, was sparked after the Organisation Undoing Tax Abuse alleged in court papers that mine-rehabilitation funds held for two of the Gupta family’s companies had been mismanaged and used to repay loans, the person said.

State-owned lender Bank of Baroda (BoB) today said it proposes to raise up to Rs 1,650 crore from Additional Tier-I (AT-1) bonds to fund business expansion. Finance committee of the bank today approved issuance of AT-1 capital bonds compliant with Basel III capital norms of Reserve Bank of India for minimum amount of Rs 500 crore with green shoe option, total issuance not to exceed Rs 1,650 crore in one or multiple issuance, BoB said. This is within overall board approved limit of Rs 3,000 crore for AT-1 bonds, it said in a filing on stock exchanges.

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