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BOB posts 30pc growth in operating profits

DUBAI — Bank of Baroda (UAE Operations) has registered a growth of 30 per cent in gross operating profit at Dh56 million for the half year ending June 2006 compared to the same period last year.

V. J. Santhanam, Chief Executive for UAE & Oman Operations, said total deposits have jumped by 25.6 per cent to reach Dh2528 million In June 2006.

Advances have gone up by 25.9 per cent over the previous half year to reach Dh2236 million in June 2006.

"The growth is well-spread in various segments such as commercial advances, trade finance, retail lending, consortium and syndicated loans to clientele of the UAE," he said.

Bank of Baroda, the only Indian bank operating in the UAE, has six branches. The bank has modernised its Dubai branch with state of the art technology and started Universal Teller system. The bank's UAE operations have been given priority for the technology upgrading. The bank is in the final stage of implementing the core banking solutions (CBS) globally and the UAE branches are also included in the first phase itself. According to Santhanam, the roll out of CBS for the UAE branches will take place in a few days.