Bank of Baroda Doing Well

Bank of Baroda Fiji is doing well.

This was highlighted by the bank’s executive director Mayank Mehta in an interview yesterday . Mr Mehta originally from India is here visiting the bank’s local branches.

In its 58 years of operation, the bank has provided affordable banking services, and participated in the socio-economic development of the country.

It’s total business is $1014.28 million with gross profit of $8.69 m as of March 31.

Mr Mehta said Bank of Baroda has large overseas presence and they are present in about 23 countries with 106 branches.

“We keep on visiting different territories of our operations so that we try and understand the global business and needs in the market.

“Also to understand the new opportunities that are available here and also review with the team as to how the business is progressing. “Such visits help us to understand what is happening on the ground. “Also understanding what can be done to support the economy and also grow the local banking business.”

The bank has eight branches covering all major centres in Suva, Nadi, Lautoka, Labasa, Sigatoka and Rakiraki.

“All branches are doing well, which means business is doing well, whether or not we would like to open more branches here is a business call that we will make at an opportune time.

“But the major priority is to consolidate and achieve high market share, to see the incremental growth. Bank of Baroda executive director Mayank Mehta. “We understand the market and

we will be introducing new products.”

According to the bank, the total banking population in Fiji is about 615,000 out of which its customer base is 100,000 that is 16.26 per cent.

The bank has a very sound investment portfolio of $221m.

It has invested in the Government’s infrastructure bond, Green Bond, Fiji Development Bank Bond and the Reserve Bank of Fiji Tbills.

$8.69 m is the total gross profit for Bank of Baroda as at March 31.