Bank of Baroda's UAE arm net up 32 per cent

Dubai, Feb 14: Bank of Baroda's UAE operations have registered a growth of 32 per cent in net profit to reach Dh99 million for the year ending December 2006 over the previous year.

The total deposits jumped by 25 per cent to reach Dh3,138 million in December 2006 year-on-year while industrial and corporate credit went up by 47 per cent over the previous year to reach Dh2,420 million, a statement said.

BoB has global expansion plans with branches to be opened in more than ten countries, including Canada, Australia and New Zealand.

The bank, which earned a profit of Rs 826 crore last year has already earned a profit of Rs 781 crore in the first nine months this year and hope to reach a profit of Rs 1,000 crore in 2007, BoB Chairman and Managing Director Anil K Khandelwal, said earlier.

UNI