A former Bank of Baroda (BoB) official has been arrested for allegedly siphoning off money from fixed deposit accounts of customers. Niket Kumar, the accused, was working as a "single-window" operator at the Colaba branch of BoB in south Mumbai. "He allegedly transferred a total of Rs 29.5 lakh from 18 Fixed Deposit (FD) and recurring accounts of customers to his friend's account between 2015-17," a police official said. The embezzlement came to light when a customer recently approached the bank to claim his FD upon maturity and found that the amount was missing.
Bank of Baroda (BoB) posted a four-fold rise in its net profit for third-quarter ended December 2018. The net profit stood at Rs 471 crore during the quarter, up from Rs 111 crore in the year-ago period. Domestic advances grew by 21% to Rs 3.5 lakh crore from Rs 2.9 lakh crore in previous year quarter. Gross NPA stood at Rs 53,184 crore, or 11.01% to the total advances, down from 11.78% in year-ago period. The net NPA ratio also declined marginally to 4.26% of total advances from 4.86%.
Shares of Bank of Baroda (BoB) were trading over 2% higher in morning trade on Tuesday ahead of its financial results for the quarter ended December 2018. The scrip was up 2.11% at Rs 111.50 at around 10.25 am, while the BSE Sensex was down 42.75 points, at 35,613.31 at around the same time.