Bank of Baroda’s UAE operations have reported a net profit of Dh322m in 2022, marking a significant achievement for the bank. The announcement was made on Monday by the bank’s officials, who expressed their delight at the bank’s performance.
The Bank of Baroda is a multinational Indian bank with a strong presence in the UAE. The bank has been operating in the UAE for over 40 years and has built a solid reputation for providing excellent financial services to customers. The bank’s UAE operations have been performing well in recent years, and this latest announcement confirms that the bank is on the right track.
According to the bank’s officials, the net profit of Dh322m was achieved due to a combination of factors, including increased revenue from interest and fee-based income, as well as improved efficiency and cost management measures. The bank’s officials also credited the strong performance to the bank’s focus on customer satisfaction, which has led to increased customer loyalty and retention.
Speaking about the bank’s performance, Mr. Shailendra Singh, CEO of Bank of Baroda UAE operations, said: “We are delighted to announce that our UAE operations have recorded a net profit of Dh322m in 2022. This is a testament to the hard work and dedication of our employees, as well as the trust and support of our customers. We remain committed to providing our customers with the best possible financial services and to continue driving growth for our shareholders.”
The bank’s officials also highlighted some of the key achievements of the bank’s UAE operations in 2022. These included the launch of several new products and services, such as the Baroda Instant Remit service, which allows customers to transfer money instantly to India at competitive rates. The bank also expanded its branch network in the UAE, opening new branches in Dubai and Abu Dhabi, and upgrading existing branches to provide better services to customers.
The bank’s officials also emphasized the bank’s commitment to digital transformation and innovation. The bank has been investing heavily in technology and has launched several new digital products and services, such as the Baroda Connect online banking platform and the Baroda Mobile Banking app. These platforms allow customers to access their accounts and carry out transactions conveniently and securely from their mobile devices.
The bank’s officials also highlighted the bank’s efforts to support the UAE’s economic development. The bank has been providing financing to small and medium-sized enterprises (SMEs) in the UAE, helping them to grow and create jobs. The bank has also been supporting the UAE’s vision of becoming a hub for global trade and investment, by providing trade finance and other services to businesses engaged in international trade.
The bank’s officials expressed their gratitude to the bank’s customers, shareholders, and employees for their support and commitment to the bank. They also reaffirmed the bank’s commitment to providing the best possible financial services to customers and to continuing to drive growth and value for shareholders. “We strongly believe that our success is a result of the hard work and dedication of our employees, customers and shareholders,” said the bank’s CEO. “As we continue to strive for excellence in all aspects of our operations, we remain focused on delivering superior customer experience.”
The Bank of Baroda’s UAE operations’ strong performance in 2022 is a reflection of the bank’s strategic focus on customer satisfaction, digital transformation, innovation, and supporting the UAE’s economic development. The bank’s officials remain optimistic about the bank’s future prospects in the UAE and are confident that the bank will continue to grow and deliver value to its stakeholders in the years ahead.
