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( As on 28/06/2022 15:13)

Bank of Baroda rises after board OKs raising upto Rs 5,000 cr via bonds

Bank of Baroda rose 1% to Rs 100.95 after the bank said that its board has approved raising upto Rs 5,000 crore by issuing long term bonds in single or multiple tranches during the financial year 2022-23.

The funds will be utilized for financing of infrastructure and affordable housing. These bonds shall be senior, unsecured and will not form part of capital of the bank.

Bank of Baroda is one of India's largest banks with a strong domestic presence spanning 8,168 branches and 11,487 ATMs and Cash Recyclers supported by self-service channels. The Bank has a significant international presence with a network of 94 overseas offices spanning 17 countries.

The bank reported net profit of Rs 1,778.77 crore in Q4 FY22 as against a net loss of Rs 1,046.50 crore in Q4 FY21. Total income declined 3.7% to Rs 20,695.90 crore in Q4 FY22 from Rs 21501.94 crore in Q4 FY21.