Bank of Baroda has hit a big milestone with its market capitalisation crossing the ₹1 lakh crore mark. With this, Bank of Baroda becomes the second public sector bank after SBI to achieve this.
Currently, SBI's market cap is around ₹5.07 lakh crore. Market cap or Market capitalisation refers to the total value of a publicly traded company's outstanding common shares owned by stockholders.
Bank of Baroda closed the day more than 3% higher at ₹194. As per Money control, the stock is up nearly 20% since March 28. The strong gains came after robust earnings in the March quarter as well as for the whole year of FY23.
In the March quarter, Bank of Baroda recorded its highest quarterly net profit of ₹4,775 crore. This is a whopping 168% year-on-year rise. The bank's total deposit also grew by 13% to ₹10.47 lakh crore from ₹9.27 lakh crore the previous year. Meanwhile, the gross non-performing assets have declined 32% to Rs 36,764 crore from Rs 54,059 crore on a YoY basis
Among all the banks, including both private and public sector HDFC bank is the most valuable with a market cap of ₹9 lakh crore followed by ICICI bank whose valuation is at around ₹6.44 lakh crore.