Bank of Baroda declares 80 per cent dividend

Vadodara, Jul 28 (UNI) Bank of Baroda, which completed its 100 years last week, today declared a dividend of 80 per cent to its shareholders for the year 2007-08.

Talking to newsmen after the 12th Annual General Meeting of shareholders here today, the newly appointed BOB chairman-cum- managing director M D Mallya also announced the AGM's decision to open 190 new branches in India and 10 more overseas branches of the bank during the current year.

This would take the total number of BOB branches to 3,000 in the domestic front and 100 in overseas, he said.

Expressing his satisfaction over the bank's global business that reached the level of Rs 258,735 crore, registering a growth of 24.1 per cent during 2007-08, Mr Mallya said the bank had been estimated to grow by 22 per cent, increasing its total business to Rs 310,000 crores in 2008-09 despite the current economic downturn.

Claiming that BOB had achieved all the targets pertaining to business, profitablity and asset quality that it had committed to the government for the year 2007-08, Mr Mallya said the bank posted a net profit of Rs 1,436 crore and the net NPA were reduced from 0.60 per cent to 0.47 per cent in a year's time, despite the pressures of stiff competition and tighter monetary environment.

BOB, which introduced Gen Next branches in the country last year to attract the young IT professionals to its books, would open its fifth such branch at Kota in Rajasthan shortly, he said.

The bank had also planned to expand its network of retail loan factories to 23 from the existing 15 during the current year, Mr Mallya said, Denying that BOB had banned fresh recruitments, Mr Mallya announced that the bank would recruit 1,000 clerical staff and 500 new officers during the current year, to cope with the needs of its 33 million customers.

The BOB chairman also assured that the new high tech auditorium that the bank had proposed to offer to Vadodara Municipal corporation to mark the centenary year of BOB founded by former Baroda Maharaja Sir Sayajirao Gaekwad III, would be completed by March next.

UNI SS SR SKB2100