Bank of Baroda makes profit for the first half of the year

Dubai, Aug 2 (UNI) Bank of Baroda (UAE Operations) has registered a 30 per cent growth in gross operating profit to reach Dh 56 million for the first half of this year over the same period last year.

Total deposits jumped by 25.6 per cent to reach Dh2.52 billion and advances went up by 25.9 per cent over the previous half year's figures to Dh2.23 billion.

Officials say growth is well spread across various segments, such as commercial advances, trade finance, retail lending, as well as consortium and syndicated loans.

Bank of Baroda, which is the only Indian bank in the UAE with six branches, has recently modernised its Dubai branch with state-of-the-art technology and has started a universal teller system.

The technology upgrade and online connectivity with major branches in India means the UAE branches will be able to offer more customer centric products and services in the future.

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