Bank of Baroda stock slips 4% on slower deposit growth

MUMBAI: Shares of Bank of Baroda fell by over 4% on Monday after the public sector lender reported less-than-expected business growth. The weak numbers, following HDFC Bank's report of a drop in loans and low-cost deposits in Q1FY25, dragged down other bank stocks as well.
Bank of Baroda reported a 5.3% year-on-year increase in deposits, which stood at Rs 11 lakh crore at the end of the quarter.The deposit growth outpaced its 8.5% increase in domestic advances, which stood at Rs 8.9 lakh at the end of the quarter. According to a report by Macquarie, based on the banks that have reported their business numbers so far, public sector banks have reported 0.3 % growth in deposits quarter-on-quarter and 8.7% year-on-year, while for private banks, it was 0.6% and 15.8%, respectively..