Bank of Baroda (BoB), a public sector lender is planning to open 10 to 12 overseas branches in the current fiscal. This will take its branches and office network abroad to around 100 by March, 2012. The bank plans to open these branches in East African countries Kenya, Uganda, Tanzania , Botswania and it will be opening a joint venture company in Malaysia. The bank is expecting a license in Australia. The bank also plans to open a couple of branches in the New Zealand subsidiaries and maybe a couple of outlets in the Gulf region.
Recently, the bank has signed a global partnership agreement with Khalifa Industrial Zone Abu Dhabi (Kizad) to provide a range of commercial banking services. The partnership will also support Kizad as it seeks to attract foreign direct investment in line with the Abu Dhabi Economic Vision 2030 to diversify the economy with knowledge-based and capital intensive industries.
On consolidated basis, Bank of Baroda’s net profit after minority interest, share of earnings in associates surged by 39.46% at Rs 4433.71 crore for the year ended March 31, 2011 as compared to Rs 3179.30 crore for the year ended March 31, 2010. Its total income has increased by 28.24% to Rs 25800.41 crore for the year from Rs 20118.67 crore for the previous year.
