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Mumbai: Bank of Baroda (BoB) will continue its focus on retail loan growth in the current fiscal year, unlike other banks, which are betting on corporate credit to drive loan growth.

“We expect corporate loan growth to be slow and steady so the focus like last year will be on retail loan growth. We are expecting loan growth of 10-11% this year," said Sanjiv Chadha, managing director and chief executive officer, BoB.

During the March quarter BoB reported 8.9% year-on-year growth in loan book driven by 21% growth in foreign loans and 16.8% growth in the retail segment.

On Friday the bank reported a net profit of 1,779 crore for the year ended March 2022 owing to strong growth in core income and lower provisions. This compares with a loss of 1,046 crore in FY21.

Core income or net interest income grew 21% to 8,612 crore in the fourth quarter as compared to 7,107 crore in the corresponding quarter last year. Margins declined by 7 basis points to 3.14% at the end of March compared to 3.21% at the end of December.

Other income growth was down 72% on-year to 2,522 crore, mainly because of a sharp decline in treasury income and base effect of higher recoveries. Fee based income however grew 6% to 1,848 crore.

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