Bank of Baroda expects higher loan, deposit portfolio

July 1st, 2008 - 6:03 pm ICT by IANS  

Kolkata, July 1 (IANS) Bank of Baroda expects to register a 27 percent growth in loans and 24 percent growth in deposits in the first quarter of the current fiscal, a top official said here Tuesday. “Our loan portfolio in the first quarter this year will go up by 27 percent while deposits will rise 24 percent,” the bank’s chairman and managing director M.D. Mallya told reporters on the sidelines of the ongoing Banking Conclave 2008.

“In 2008-09, we expect to do a business of Rs.3,100 billion against Rs.2,590 billion in 2007-08,” he added.

Mallya expects the bank’s credit portfolio to grow 24 percent and deposits by 20 percent this fiscal over 2007-08.

He said close to 150 branches would be opened in 2008-09 in the country and 10 outside.

“We will convert our representative offices in China into a full-service bank. Approval is expected in a month’s time from the Chinese authorities. Branches would also be opened in Malaysia, Australia and a few in Africa,” he added.

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