[2008-06-12]  Baroda business grows to sh260b
BANK of Baroda’s business has grown to sh260b, the managing director, K.K Shukla, has said.
Shukla said the sh260b represents a growth of more than 39%.

He said the bank plans to give out more loans this year and boost profitability.

During the annual general meeting, Shukla said the bank plans a 20% growth in deposits and 40% growth in advances in order to achieve a cash deposit ratio of 60% by the end of the year.

“The deposit segment has contributed 30% to this growth, while the credit segment’s contribution is 64%, which has reached sh86.2b. These growth rates are above the industry average,” Shukla said.

He said the credit to deposit ratio had shot to 50% from 39%, while the balance sheet had increased by 25.24% to sh243.5b.

“Current deposits increased by 30% to sh57.35b and savings deposits increased by 17% to sh43.55b,” Shukla said at the Sheraton Kampala Hotel.

He said term deposits increased by 38% to sh72.45b, total income by 31.33%, while interest on advances grew by 64.62%.

“Operating profit increased by 30% and touched a new high of sh13.83b from sh10.98b in 2006,” he said.

“In view of the continued good performance coupled with optimistic future outlook, the board has recommended a dividend of sh70 per share for 2007.”

“The board has also recommended splitting of shares from sh100 per share to sh10.”
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