Bank of Baroda Shares Drop Over 6% since monday
Shares of Bank of Baroda fell by more than 6% since Monday after the public sector lender reported lower-than-expected business growth. The disappointing numbers, following HDFC Bank’s report of a decline in loans and low-cost deposits in Q1FY25, negatively affected other bank stocks as well.
Bank of Baroda reported a 5.3% year-on-year increase in deposits, totaling Rs 11 lakh crore at the end of the quarter. This deposit growth outpaced the bank’s 8.5% increase in domestic advances, which reached Rs 8.9 lakh crore.
A report by Macquarie highlighted that public sector banks have reported a 0.3% quarter-on-quarter growth in deposits and an 8.7% year-on-year growth, while private banks have shown 0.6% and 15.8% growth respectively.
