Bank of Baroda shares rise over 3% as global biz grows over 10% in Q2
Bank of Baroda (BoBs) share price rose 3.12 percent during intraday trades on Friday. The stock price rose to 252.70 per share intraday after the company on Thursday announced its preliminary business update for the second quarter of fiscal year 2024-25 (Q1FY25), while also outlining its plans to sell its Oman operations to Bank Dhofar.
The public sector bank (PSU) reported 10.23 percent year-on-year growth in its global business to Rs 25.06 trillion.
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Further, the bank’s global advances grew 11.60 percent year-on-year to Rs 11.43 trillion as on September 30, 2024. On the other hand, domestic advances grew 12.51 percent to Rs 9.39 trillion.
In terms of deposits, global deposits rose 9.11 percent year-on-year to Rs 13.63 trillion in Q2FY25 from Rs 12.49 trillion in Q2FY24, while domestic deposits rose 7.4 percent to Rs 11.50 trillion on an annual basis, from Rs 10.74 trillion.
The retail segment of domestic deposits also grew by 19.9 percent to 2.32 trillion euros, compared to 1.93 trillion in the same period last year.
In addition to the second quarter business update, the bank also announced its plans to transfer its operations in Oman to Bank Dhofar as part of a rationalization strategy for foreign operations. BoB’s total turnover in Oman is 113.35 million Omani Rials (OMR) with a net worth of OMR 25.54 million
Stock price history
The BoB share price has underperformed the market as it is up just 7.7 percent year to date, while it is up over 18.6 percent in the past year. In comparison, BSE Sensex is up 14.6 percent year to date and 27 percent in a year.
The company has a total market capitalization of Rs 1.30 trillion. The stock is trading at a price-to-earnings valuation of 6.97 times, while earnings per share stand at Rs 35.
At 11:02 am, the company’s share price rose 2.88 percent to Rs 252.10 apiece on the BSE. In comparison, the BSE’s Sensex rose 0.47 percent to the level of 82,885.52.
First publication: Oct 04, 2024 | 11:06 am IST