Bank of Baroda (BOB), third largest state-run lender has decided to hold the launch of any new credit products from its banking portfolio. Weakening economic and capital market conditions on domestic front drove BOB to this decision.
Recently, BOB was likely to meet the mandatory core capital requirement and was also going for expansion as the government had agreed to infuse Rs 775 crore into the bank. After this infusion of Rs 775 crore, the government’s ownership in the bank would touch the mandated 58%.
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.
