Bank of Baroda board meeting tomorrow to discuss fundraising for infrastructure and affordable housing

Bank of Baroda has scheduled a meeting of the Capital Raising Committee tomorrow, November 18, 2023, to discuss and finalise the issuance of Tier I and Tier II debt capital instruments and long-term bonds for the financing of infrastructure and affordable housing within the board-approved capital raising plan.

“We advise that the Meeting of the Capital Raising Committee of our Bank is scheduled to be held on 18.11.2023 to discuss and finalize the issuance of Tier I and Tier II debt capital instruments and long-term bonds for the financing of infrastructure and affordable housing within the board-approved capital raising plan,” the lender said in an exchange filing dated November 15.

On October 10, the Reserve Bank of India (RBI) had directed BoB to halt onboarding fresh customers on its mobile application 'bob World' with immediate effect, citing material supervisory concerns.

RBI had said that the action was based on certain material supervisory concerns observed in the manner of onboarding customers onto the application.

Following the RBI's action, the bank had suspended a few officials related to the alleged manipulation of 'bob World'.

BoB Q2 net profit jumps to ₹4,253 crore

Bank of Baroda (BoB) on November 4 reported a 28 per cent rise in its net profit to ₹4,253 crore in the second quarter ended September on the back of a decline in bad loans and a rise in interest income.

The state-owned lender had posted a net profit of ₹3,313 crore in the corresponding quarter of the previous fiscal. Its total income rose to ₹32,033 crore in the second quarter of 2023-24, compared to ₹23,080 crore a year ago, BoB said in a regulatory filing.

The lender improved its asset quality, with the gross non-performing assets (NPAs) coming down to 3.32 per cent of the gross advances by the end of September 2023, from 5.31 per cent in the year-ago period.

Bank of Baroda share price

On Thursday, Bank of Baroda's scrip closed at ₹198.45 on NSE, representing a 0.38% increase from the previous day.