Bank announces Financial Results for quarter ended, 30th June 2023.
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Shri Ranjan DhawanManaging Director and CEO
Ladies and Gentlemen,
It is my privilege to address the 19th Annual General Meeting (AGM) of the shareholders of Bank of Baroda. On behalf of the Board of Directors, the Management and the Employees of the Bank, I welcome all of you to this AGM. At the outset, I express my gratitude to you all for your continued trust, support and patronage.
The Annual Report, including the Directors’ Report and Audited Accounts of the Bank for the year ended March 31, 2015, has been in your hands for some time now. With your consent, I shall take it as read.
Before I present the highlights of your Bank’s performance during the financial year 2014-15 (FY15), it would not be out of place to share with you briefly the details of the macroeconomic environment that prevailed during the year as that had strong implications for the banking sector’s performance.
The financial year 2014-15 (FY15) saw gradual improvement in the growth outlook. A number of factors supported this that includes political stability, improved policy environment, increasing pace of reforms, and firm commitment towards fiscal consolidation. Further, the sharp fall in international crude oil prices has had a positive effect on growth, easing of inflationary pressures, reducing imports and lowering current account deficit. Even so, the macroeconomic environment remained weak during FY15 primarily due to subdued agriculture and industrial growth.
In FY15, the India’s GDP is estimated to have grown by 7.3% in FY15, a shade lower than the government’s earlier projection but above 6.9% clocked in FY14. Due to deficient and unseasonal rains during kharif and rabi seasons respectively, the agriculture sector grew at only 0.2% in FY15 as against 3.7% in FY14. The manufacturing sector grew by 7.1% in FY15, yet, the Index of Industrial Production (IIP) grew by just 2.8%. Although production of capital goods and non-oil non-gold imports gathered some momentum, the vicious cycle of supply constraints, stranded investments, stressed bank balance sheets, risk aversion and weak demand continued during the year. The exports growth was subdued and the imports were also weak, resulting in narrowing of trade deficit. The services sector, however, continued to perform better than agriculture and industrial sector. Within the services sector, the financial, real estate and professional services grew by 11.5% and the trade, hotel & communication sector grew by 10.7% in FY15.
The declining input costs, particularly due to sharp fall in international crude oil prices, manifested in the sharp fall of the CPI (combined) from 8.59% in April 2014 to 5.17% in March 2015 much below the target set by the Reserve Bank of India (RBI)’s glide path. The WPI slipped from 5.5% in April 2014 to (-) 0.17% in November 2014 and thereafter remained in negative zone till March 2015 at (-) 2.33%. During the year, the RBI reduced the SLR by 150 bps and benchmark repo rate by 50 bps due to easing of inflation and weak growth outlook.
Further, the Union Budget focused on investment driven growth by increasing public expenditure on infrastructure especially roads and railways. Though, the Government achieved fiscal deficit of 4.0% for 2014-15, it adopted a moderate path for further fiscal consolidation by postponing the glide path to 3% from 2 years to 3 years. Moreover, the central government passed a number of key legislations relating to defence and insurance during FY15.
During the year, the markets remained concerned about the possible US Fed rate hike following the signs of strengthening of the US economy. But as the year progressed and there were signs of weakness, the rate normalization was deferred. With the increased signs of China’s economy slowing down gathered momentum, the Indian economy began to be considered to be among the better performing economies amidst dismal global growth outlook.
The Banking sector faced multifarious challenges in FY15 with a subdued credit growth, heightening asset quality concerns amidst weakening corporate balance sheets and maintaining capital.
During FY15, the credit growth of the banking industry slipped to multiyear low on the back of overall economic slowdown, stalled projects, weak investment, stretched corporate balance sheets and supply constraints. Further, capital conservation and efficient utilization of capital becomes an important challenge in view of stringent Basel –III capital norms, asset quality challenges and higher provisions. As a result, the profitability of the banks was affected adversely with weakening of return ratios.
Apart from this, the banking sector participated actively in the Pradhan Mantri Jan Dhan Yojana, the biggest financial inclusion initiative of the Central Government. As of March 31, 2015, the banks opened a record 14.7 crore accounts with a balance of Rs 15,670 crore in such accounts. Besides this, the banking space is set to widen with the introduction of newer market participants such as small banks and payment banks in near future.
During FY15, despite the macro headwinds, your Bank’s global business crossed the 10 trillion mark and touched Rs 10,45,625 crore by registering a growth of 8.3%. The domestic business grew at a higher rate of 8.4% in FY15 and reached Rs 7,06,148 crore.
During the year, your Bank pursued the strategy of continuing to diversify its loan book in favour of retail, MSME and agriculture credit, as opportunities in large-sized corporate segment had dried up.
Your Bank’s international business grew at a pace of 7.9% (y-o-y) during FY15. Healthy mobilization of domestic CASA deposits at the rate of 13.6% (y-o-y) and shedding of high-cost preferential deposits helped your Bank defend its NIM in domestic operations at 2.91% in FY15.
The Bank’s Provision Coverage Ratio (PCR) remained at 64.99% in FY15 as against 65.45% in FY14 which is one of the best among the PSU banking space.
Your Bank’s Capital Adequacy Ratio continued to reflect its capital strength. The CRAR was 13.33% in terms of Basel II and 12.60% in terms of Basel III at end-March, 2015.
I would now like to discuss the detailed aspects of your Bank’s performance during the year under review.
As mentioned before, the Global Business of your Bank reached the level of Rs 10,45,625 crore in FY15 with an annual growth of 8.3%, of which, Domestic Business grew by 8.4% to reach Rs 7,06,148 crore and Overseas Business by 7.9% to Rs 3,39,477 crore. While Global Deposits registered a growth of 8.5% (y-o-y), Global (Net) Advances expanded by 7.8%. In domestic operations, your Bank’s Deposits grew by 9.3% (y-o-y), whereas Advances (net) expanded by 7.2%. A sustained performance year after year, enabled your Bank to retain its market share in Deposits at 4.43% and in Advances at 3.99% as on March 20, 2015.
Your Bank’s Global CASA (Low-cost) Deposits grew healthily by 11.3% (y-o-y) to Rs 1,62,969 crore in FY15 with the Share of Domestic CASA improving to 33.01%.
As in the past, your Bank’s international operations provided firm support to its overall business growth during FY15. As on 31st March, 2015, your Bank was present in 24 countries with 104 offices. During the year under review, the Total Business of your Bank’s international branches registered a growth of 7.9%.
During FY15, your Bank’s “Overseas Business” contributed 32.47% to its Total (Global) Business, 22.98% to Gross Profit and 28.60% to Core Fee-based income (i.e., Commission, Exchanges, brokerage, etc.)
The year FY15 was marked by low credit appetite by the corporate sector on account of weak investment sentiment. However, your Bank innovatively gave a retail leaning to its overall business and placed a special focus on retail, MSME and agriculture sectors. With this, your Bank managed to grow its credit book by 7.8% on year on year basis. Your Bank posted a growth of 9.5% in its SME segment, 14.1% in Retail Credit (with 15.3% in Home Loans); and 9.3 % in Credit to Weaker Sections. Your Bank’s Farm Credit grew by 31.6% to Rs 37,403 crore. The Bank’s Credit to Priority Sectors too expanded from Rs 93,728 crore as on March 2014 to Rs 1,03,343 crore and formed 36.40% of its Adjusted Net Bank Credit (ANBC).
Notwithstanding the sluggish economic environment, your Bank’s Net Interest Income grew robustly by 10.21% (y-o-y) during FY15. The Net Interest Margin of your Bank too was protected at 2.91% in Domestic Operations and 2.31% in Global Operations as a result of prudent pricing of loans and deposits and systematically reduced dependence on high cost funds.
The Operating Profit grew by 6.01% (y-o-y) to Rs 9,915 crore and Net Profit fell by (-) 25.16% to Rs 3,398 crore in FY15.
The primary concern for banks was to maintain asset quality amidst macroeconomic weakness. However, your Bank’s focused efforts towards recovery and asset up-gradation enabled it to protect and improve sequentially its asset quality position throughout the year under review. Your Bank’s Gross NPA ratio stood at 3.72% in Q4, FY15 versus 3.85% in Q3, FY15 and its Net NPA ratio stood at 1.89% in Q4, FY15 versus 2.11% in Q3, FY15. For the full year, the Gross NPA and Net NPA were at 3.72% and 1.89% in FY15 as against 2.94% and 1.52% in FY14, respectively. Your Bank’s rigorous follow up of all NPA accounts and timely response to early warning signals resulted in Cash Recovery of Rs 1,492.81 crore. Your Bank could upgrade accounts to the tune of Rs 1058.43 crore to standard category. Moreover, your Bank recovered Rs 210.25 crore from the written off accounts.
The Bank’s Provision Coverage Ratio (PCR) stands at an impressive level of 64.99% at end-March, 2015, which is one of the highest in the peer group.
The Cost-Income Ratio of your Bank continued to be at a relatively lower level of 43.63% for FY15 despite growing staff expenses and continuous additions to its branch network.
Your Bank’s capital strength too was protected well with the support of healthy retained earnings and prudent capital planning. Your Bank’s CRAR (Basel II) was at 13.33% and Tier I capital at 10.14% as on 31st March 2015. Similarly, its CRAR (Basel III) was at 12.60%, Tier 1 Capital at 9.87% and Core Tier 1 Capital at 9.35% as on 31st March 2015. These are one of the highest levels in the PSU banking segment.
Your Bank’s Net Worth or its financial value grew by 11.48% (y-o-y) to Rs 36,895 crore during the year under review.
Your Bank’s Return on Average Assets was 0.49% during FY15.
Despite widening of the equity base, your Bank’s Return on Equity was 9.2% during FY15.
Your Bank’s Book Value per Share increased to Rs 166.83 in FY15 by registering a year-on-year growth of 2.5%. The face value of the share was spilt on January 22, 2015 from Rs 10 to Rs 2 per share. Subsequently, the Book Value was also adjusted accordingly.
Your Bank’s Earnings per Share stood at the decent level of Rs 15.83 in FY15.
There is a high correlation between the employee productivity and profitability. Even during the year under review, your Bank’s Business per Employee grew from Rs 18.65 crore in FY14 to Rs 18.89 crore in FY15.
Your Bank undertook several strategic initiatives during FY15 to speed up its journey to establish itself as the most admired bank of the country. Let me now elaborate your Bank’s new initiatives during the year under review.
Your Bank has been pursuing a balanced and comprehensive Human Resources Policy in view of various challenges faced by the PSU banks in the form of large retirements, massive induction of talent, huge training requirements and challenges of successions.
During FY15, your Bank undertook automation and centralization of various routine HR activities such as claims and reimbursements, thereby achieving faster turn around time in settling of claims. Further, your Bank has put in place a manpower planning tool which determines manpower requirements for different Branches / units on a scientific basis. The output from the manpower planning tool facilitates various manpower planning related decisions, that is, recruitment, new hire allocation, transfers and promotions. Even the performance management for your Bank’s officer has been completely automated making the system more robust, objective and quicker.
To enhance the “Employee Engagement”, your Bank undertook various initiatives like conduct of satisfaction surveys and workshops for interaction between juniors and seniors so as to improve employee connect. Furthermore, to reward the top performers, your Bank has performance linked incentive scheme for its employees.
With a view to identify and groom young potential leaders, your Bank has implemented a well orchestrated Talent Management System that proactively identifies future potential leaders based on various criteria and also grooms them through a systematic developmental plan for each of the identified future leader.
During FY15, your Bank rolled out state of the art Learning Management System for e-learning courses which are available on the intranet providing the convenience of time and place. Your Bank is the first Bank to launch ‘Mobile Snippets’ a Mobile App for the benefit of employees. This enables the employees to access daily banking news, gist of important BOB / RBI circulars, in-house publications, announcements for upcoming events and video messages.
Moreover, Baroda Apex Academy has a Facebook page for informal learning. Further, to broad base learning, your Bank organized events such as motivational speeches, video shows and group activities etc under the name Mind Gym Series. Apart from this, your Bank also sought to engage in external trainings so as to widen the knowledge base of its employees.
In recognition of the efforts towards learning practices, your Bank received a number of awards from prestigious organization such as Golden Peacock, IBA and others.
Your Bank’s BPR Project known as Navnirmaan, which was launched to cover both Business Process Re-engineering and Organization Re-structuring, aimed at transforming the Bank’s branches into sales and service centres through sustained centralization. This project has been highly successful in establishing your Bank as India’s International Bank.
This project touched all aspects of your Bank‘s processes, structures and systems with an objective to simplify processes, improve branch productivity and provide best-in-class service to its customers.
Your Bank has been using Information and Communication Technology (ICT) not only to improve its own internal processes but also to increase facilities and services for its customers. Further, your Bank has undertaken a total end-to- end business and IT strategy project covering your Bank’s domestic, overseas and subsidiary operations. By enabling a host of alternate banking channels, your Bank has endeavored to improve customer interaction, reduce operational cost and develop new business opportunities.
With the purpose to enhance the customer experience in alternate delivery channels, your Bank introduced new facilities in its internet Banking viz., Baroda Connect channel. The new enhanced features include online e-banking registration, view and deposit to PPF accounts, Salary upload facility, Mobile OTP generation through smartphone, Tax payments of various States, and IMPS (Immediate Payment services), etc. Moreover, Internet Banking facility is made available on all Smart-phones/tablets offering comfort of anywhere banking to its customers. Internet Banking has been implemented in total 16 overseas territories viz. Tanzania, Uganda, Kenya, Mauritius, Seychelles, Botswana, New Zealand, UAE, Fiji, UK, Oman, Ghana, Australia, Trinidad & Tobago, Guyana and USA. Internet banking is also provided in all the RRBs sponsored by the Bank.
Mobile Banking - one more alternate delivery channel that offers various facilities to your Bank’s customers was completely revamped by enhancing its look and feel, user-friendliness and user experience for technology savvy customers. The Mobile Banking platform offers many features and facilities to customers, viz., icon based user interface, balance enquiry, mini statement, fund transfer, stop payment, cheque status, and other services. Mobile banking application is made available in all i-Phones, Blackberry, Android, Windows devices. Through mobile banking it is facilitated to make payments for Mobile top-up / DTH top-up, Insurance premium payment, Online shopping, Over-the counter payments, fees payments to schools/colleges/ universities, Utility Bill payments, Travel & Ticketing, Temple Donations, and Non internet based railway ticket booking through mobile phones using IMPS – IRCTC.
During the year FY15, your Bank launched the first Cash Recyclers in the country on July 20, 2014. The unique aspect of Cash Recycler is that, it is enabled to accept cash as well as dispense cash apart from balance enquiry, mini statement and PIN change facilities. These have found good response from retail as well as business customers with ease of operation and 24x7 availability.
Your Bank also provided self service passbook printers to all Metro and Urban branches apart from select high footfall semi-urban and rural branches.
In short, IT has made a visible difference in the functioning of your Bank and conduct of its banking operations.
Given the uncertain macroeconomic environment, your Bank sought to give retail orientation to its business profile by undertaking a number of initiatives.
With the business vertical “Deposit Resources” focusing on creating a strong liability franchise and generating synergy in business models, your Bank ensured that there is consistent and significant growth in Low-cost Deposits (CASA) and Retail Term Deposits.
A number of initiatives were undertaken during the year FY15 for strengthening and reviving the relationship with existing customers for improving CASA deposits and promoting debit cards. Furthermore, some special drives were launched for activation of dormant accounts and funding of zero balance accounts to widen the active customer base.
From the assets side also, your Bank placed added thrust on retail business so as to make its loan-book more balanced. To achieve this, your Bank introduced special measures to increase the attractiveness of its products. Under Home Loans, new schemes were introduced such as linking of Home Loan Advantage scheme with SB accounts, for funding premium for home loan borrowers a personal loan scheme, and a pre-approval home loan scheme. Also, modifications and improvement to education loan schemes were effected keeping in view the needs for higher education. Also, various campaigns were carried out to place targeted focus on retail business.
The year FY15 was marked by low credit appetite by the corporate sector on account of weak investment sentiment and issues relating to infrastructural and other bottlenecks. Your Bank thus adopted a cautious approach towards corporate credit growth. As a result, your Bank has relatively lower credit growth of 7.8%.
During the year, your Bank introduced the system of “Online loan application tracking” to facilitate knowing status of loan applications. Through this, the applicant would be able to track the status of his application by logging through ‘loan tracking’ link provided on your Bank’s website.
Your Bank has always been a frontrunner in the area of Priority Sector and Agriculture lending. It has been harnessing the vast potential of the rural market through its wide network of 1,912 rural branches and 1,386 semi-urban branches.
In order to tap emerging opportunities, your Bank undertook various initiatives during the year under review. With the purpose of increasing awareness among farmers, your Bank undertook two special campaigns viz., Joden Kisan and investment credit. Further, given the area specific needs, your Bank formulated tailor made schemes to address their unique requirements.
Furthermore, your Bank launched Agriculture Loan Factories for better customer service and improving the volume and quality of the agriculture advances. Three such factories are functioning in Mehsana in Gujarat, Bareilly in U.P and Muzaffarpur in Bihar.
Your Bank strongly supported the growth and development of social sectors through its various outfits like Baroda Swarojgar Vikas Samsthan (BSVS), Baroda R-Seti Centres, Financial Literacy Centres and Micro Loan Factories.
With the launching of Pradhan Mantri Jan Dhan Yojana (PMJDY) during FY15, the financial inclusion received a massive impetus wherein its coverage and ambit was enlarged as compared to the earlier initiatives and it is operating under defined timelines in a mission mode. As always, your Bank has been a frontrunner even in this initiative as it looks at it not just as a social commitment but as an effective and profitable business proposition. Your Bank has achieved all the targets set under PMJDY well ahead of its timelines. As on 31.03.2015, your Bank mobilized deposits of Rs 1,101 crore in PMJDY accounts with average balance per account above Rs 2500. Moreover, the share of Bank of Baroda in opening PMJDY account is at 5.7% of the total accounts opened by all banks and share in deposits mobilized is at 7.86%.
Apart from this, your Bank continued its pursuit of achieving the targets set under disaggregated Financial Inclusion Plan (FIP) 2016. Your Bank surpassed the target of covering 22,030 villages as against the target of 16,324. Similarly, your Bank surpassed its targets for opening of “Basic Savings Bank Deposit Account” and opening of urban kiosk, and opening of accounts through BC mode.
Given the importance of financial literacy in achieving meaningful financial inclusion, your Bank undertook Financial Literacy campaigns to educate villagers on various banking facilities and particularly, the benefits of savings, Aadhaar seeding, maintaining minimum balance, eligibility for availing Overdraft, use and safekeeping of RuPay cards, USSD facility, eligibility of availing accidental & life insurance, lodgment of claim under insurance, micro insurance products, pensions, benefits of KCC, GCC, prompt repayment, and availability of other retail and SME loans to them.
The Micro, Small and Medium Enterprises (MSME) segment is a key source of economic growth and employment in India. Even during these challenging times, this sector’s contribution to the GDP has been quiet significant.
With the purpose to effectively finance the micro enterprises, your Bank established Baroda Micro Enterprise Cell to facilitate focused attention on financing of Micro Enterprise. As at end March, 2015, your Bank operationalised 80 such cells. Your Bank introduced new schemes such as Integrated Development of Leather Sector (IDLS) scheme, promoted by Footwear Design & Development Institute, Baroda, self employment programme for individuals and group enterprises/SHGs (Restructured SJSRY scheme) and new schemes were designed for chemical and pharmaceuticals sector in Bharuch Region.
Your Bank organized campaigns and celebrated MSME festivals to increase the awareness among borrowers. Moreover, to reduce the turnaround time, your Bank rolled out Lending Automation Processing System (LAPS) in all SME Loan Factories.
Despite uncertain global environment, your Bank continued to make a mark in the international arena by staying strong and resilient to the global environment. The international operations of your Bank maintained growth in business as well as profitability during the year under review.
Your Bank’s wide-spread overseas presence provides it with significant risk diversification benefits across the globe. Your Bank’s large network of branches in overseas territories and its continued thrust on overseas expansion helped exploit rich business opportunities even during FY15. As of 31st March 2015, it had operations in 24 countries with 104 offices. Of these 104 offices, 60 were overseas branches of your Bank, 43 branches of its overseas subsidiaries and one representative office. During the year under review, your Bank opened two new branches at Meru in Kenya and Mwanza in Tanzania.
Your Bank is focused towards providing excellent customer service through all delivery channels and has been making continuous efforts for enhancing the level of customer satisfaction. The varied interests and expectations of customers are taken care of by improving upon various processes and procedures. Towards this goal, your Bank has been effectively using technology.
To improve the customer convenience further, your Bank introduced SMS alerts, missed call facility, comprehensive information about cheques for inward clearing and removal of maintenance charges on inoperative accounts. To get feedback on Bank’s services, your Bank undertook online customer satisfaction survey to know about the customer’s views / problems faced by customers and to take remedial measures.
Few of the testimonies of enhanced risk management practices are that the Reserve Bank of India has permitted your Bank for a parallel run under Foundation Internal Rating-based (FIRB) Approach in respect of Credit Risk. For Market Risk, your Bank has set up Global Mid Office in Mumbai, which facilitate cost-efficient and more effective way of measuring, monitoring and reporting the Market Risk positions in its global operations. The systems to operationalise the Global Mid Office, compliant with Internal Model Approach of Basel II norms are in advance stage of implementation. In respect of Operational Risk, your bank has implemented a web based sophisticated Operational Risk Management solution, which is one of the best available solution in the industry. Similarly for Asset Liability Management, Fund Transfer Pricing and Profitability Analysis, Oracle Financial Services Analytical Application Infrastructure has been deployed.
Your Bank has successfully implemented Basel III norms pertaining to capital quantity and quality, Leverage Ratio and Liquidity Coverage Ratio with the transition rules specified by the Reserve bank of India.
As a responsible corporate citizen, it has been the endeavour of your Bank to empower the community through socio-economic development of the underprivileged and weaker sections. In its continued efforts to make a difference to the society at large, your Bank intensified its efforts further in this direction in FY15.
Your Bank has established 49 Baroda Swarozgar Vikas Sansthan Kendra(Baroda R-SETI) for imparting free training to unemployed youth to develop their entrepreneurial skills to become self employed. In order to spread awareness among the rural masses on various financial and banking services and to speed up the process of financial inclusion, your Bank has also established 49 Financial Literacy and Credit Counseling Centres (FLCCs) across India. Your Bank has set aside Rs. 5 crore towards construction of toilets in schools in the states of Rajasthan, Uttar Pradesh and Gujarat under “Swachh Vidyalaya Campaign”
During the year FY15, your Bank received several awards for its noteworthy performance across various business and financial parameters. The major ones were as follows.
These awards and recognition are particularly valuable, as they acknowledge the merits of your Bank’s successful business model that made a difference to the nation’s progress.
From the macroeconomic stability perspective, Indian economy has been witnessing lower inflation, lower current account deficit, robust foreign exchange reserves, contained fiscal deficit, momentum in reforms and therefore, improved growth prospects. Even so, the growth in FY16 may be moderate given the uncertainties pertaining to deficit monsoon, geopolitical risks surrounding oil prices, the uneven effects of currency and commodity prices and impact of possible US Fed rate hike.
Amidst weak global growth prospects, International agencies have predicted better growth outlook for India following the improvement in business climate. Moody’s upgraded India’s sovereign rating outlook to ‘positive’ from ‘stable’ in April 2015.
Against this backdrop, during FY16, Bank of Baroda will continue to focus on further strengthening its capital and funding position so as to grow its business sustainably with better profitability. Your Bank is confident that with its strategic focus on people, processes and technology, it will remain in the leadership position in the emerging business environment.
Supported by its achievements during FY15, your Bank has chosen to continue its motto of “Race Ahead” with addition “From Good to Great” to consolidate the synergy generated last year amidst emerging economic and banking scenario and by transforming from being a Good Bank to a Great Bank. Hence, the Bank has identified “RACE AHEAD” from Good to Great as its motto for FY16. The word RACE denotes the following:
In FY16, your Bank would consolidate the progress made so far and would focus on improving profitability and profitability ratios at a much faster pace by leveraging its vast technological advantage and extensive alternate delivery channel network. However, the movement from Goodness to Greatness involves considerable hard work and consistency in its performance in all spheres of activities to touch the hallowed goal of Greatness.
I feel privileged to thank every stakeholder of the Bank who plays a vital role in our success. Without their support and tireless efforts we could not be where we are today.
First, I would like to thank the Members of the Board for their valuable guidance, support and prudent counsel. I and my colleagues on the Board place on record our appreciation for wise counsel and guidance received from the Government of India, RBI, SEBI, other regulatory authorities, various financial institutions, banks and correspondents in India and abroad.
We also place on record our appreciation for the unstinted trust and support of our customers, shareholders, investors and vendors.
As in the past, our performance during FY15 was driven by the dedication and commitment of our employees. On your behalf as well as on behalf of the Board of Directors, I salute the employees of Bank of Baroda on another impressive performance during the year FY15.
Before I conclude, I would like to thank all of you for your presence and interest in the Bank.
Thank you. Ranjan Dhawan Managing Director and CEO
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