BoB to Sell Oman Operations to Bank Dhofar
Bank of Baroda (BoB) plans to raise up to ₹7,500 crore through Additional Tier-I (AT1) and Tier-II bonds to meet regulatory requirements and support business growth. This capital will be raised in multiple tranches up to March 31, 2025, and beyond, depending on market conditions.
The board of directors approved raising additional capital up to ₹7,500 crore through AT1 and Tier-II bonds, with an option to issue these in the overseas market if favorable.
In FY23, BoB raised ₹2,474 crore through AT1 capital and ₹5,000 crore through Tier-II capital.
As of March 2024, BoB’s capital adequacy ratio (CAR) was 16.31%, with a common equity Tier-I ratio of 12.54%, additional Tier-I capital at 1.53%, and Tier-II at 2.24%.
BoB’s loan book grew by 12.5% year-over-year, reaching ₹10.9 trillion by the end of March 2024.
For FY24, net interest income (NII) increased by 8.1% to ₹44,722 crore from ₹41,355 crore in the previous year.
The bank’s stock price rose by 1.35%, closing at ₹273.7 per share on July 5, 2024.
Global rating agency Moody’s affirmed a “Baa3” long-term local and foreign currency bank deposits rating for BoB in June 2024. The agency expects BoB’s capitalization to remain stable over the next 12-18 months, supported by improving profitability despite strong loan growth and higher risk-weight requirements for unsecured lending.
The capital raising will proceed based on favorable market conditions to ensure optimal timing and cost-effectiveness.
The board also approved raising ₹10,000 crore through long-term bonds for infrastructure and affordable housing projects during FY 2024-25 and beyond.
Vijay Dube was elected as the shareholders’ director, effective July 9, 2024.
The Union Cabinet has decided to enhance mandatory social security coverage by increasing the wage…
Veteran Kannada actor Anant Nag has been named as the recipient of the Prestigious Dadasaheb…
PM Vishwakarma Scheme marks three years on 17th September 2026, with registration of 30 lakh…
Zimbabwe wicketkeeper batsman Brendan Taylor has broken the record held by Sachin Tendulkar for having…
Karnataka has declared September 15 as Engineers’ Day and engineers of Karnataka are permitted to…
Kumik in Zanskar has become Ladakh’s first ever Heritage Village because of its traditional architecture,…