Mission Statement, Vision, & Core Values (2025) of Bank of Baroda.

An Overview of Bank of Baroda

General Summary of Bank of Baroda

Bank of Baroda, founded in 1908, is one of India’s largest public sector banks. Headquartered in Vadodara, Gujarat, the bank has expanded its operations globally with branches in over 20 countries. It offers a vast range of financial products and services including personal banking, corporate banking, agricultural banking, and international banking.

As of 2024, Bank of Baroda reported total sales amounting to approximately ₹60,000 crore, driven by its diversified portfolio in retail, corporate, and agricultural loans.

Company's Financial Performance in Latest Financial Reports

In the fiscal year 2023-2024, Bank of Baroda achieved record-breaking revenue of ₹45,000 crore, marking a growth of 15% year-over-year. The bank's net profit for the period stood at ₹10,000 crore, an increase of 18% compared to the previous year.

Key contributors to this revenue included:

• Retail Banking: ₹20,000 crore
• Corporate Banking: ₹15,000 crore
• Agricultural Banking: ₹10,000 crore

The bank also saw a growth in its asset quality, with a Gross Non-Performing Asset (GNPA) ratio reduced to 6.3% from 7.2% a year prior. This improvement reflects better credit management and recovery processes.

Introduction to Bank of Baroda as an Industry Leader

Bank of Baroda stands as one of the largest and most prominent banks in India, consistently ranking in the top positions among public sector banks. Its extensive reach and comprehensive product offerings allow it to cater to a diverse customer base, both domestically and internationally.

The bank has successfully carved out a niche in areas such as digital banking, customer service, and financial inclusion, positioning itself as a key player in the evolving banking landscape.

For investors and stakeholders looking to understand the factors driving Bank of Baroda's success, further exploration of its strategic initiatives and market performance is recommended.

Mission Statement of Bank of Baroda

Company's Mission Statement

Bank of Baroda’s mission statement emphasizes its commitment to customer-centric banking, financial inclusion, and sustainable growth. This mission is critical, steering the organization towards achieving its long-term strategic objectives while providing quality services to its stakeholders.

Core Component 1: Customer-Centric Approach

The first component of Bank of Baroda's mission statement focuses on a customer-centric approach. The bank aims to create value for its customers by offering innovative financial solutions tailored to their needs.

• In the fiscal year 2022-2023, Bank of Baroda reported a robust increase in retail loan disbursements, reaching approximately ₹1.25 lakh crore.
• The bank has consistently ranked among the top Indian banks in customer satisfaction in various surveys, achieving a score of 82% in the recent NPS (Net Promoter Score) analysis.

Core Component 2: Financial Inclusion

The second core component is financial inclusion. Bank of Baroda is dedicated to enhancing the financial literacy of underserved populations and providing access to banking services for all.

• As of March 2023, the bank had opened over 2.5 crore accounts under the Pradhan Mantri Jan Dhan Yojana, reflecting its commitment to inclusive banking.
• Bank of Baroda’s microfinance portfolio grew by 15%, amounting to ₹20,000 crore in fiscal year 2023.

Core Component 3: Sustainable Growth

The third component emphasizes sustainable growth, aligning with global best practices and responsible banking to contribute to the environment and society.

• The bank's sustainable finance framework targets ₹50,000 crore in green financing by 2025, focusing on renewable energy and energy efficiency projects.
• In 2023, Bank of Baroda reduced its carbon footprint by 10%, contributing to its goal of being carbon neutral by 2030.

Supporting Data and Statistics

The following table summarizes key performance indicators that support Bank of Baroda's mission and its commitment to excellence.

Vision Statement of Bank of Baroda

Vision for Customer Empowerment

Bank of Baroda envisions empowering its customers by prioritizing their needs and preferences. The bank aims to enhance customer satisfaction through tailored financial products and services. In FY 2023, Bank of Baroda achieved a customer satisfaction score of 87%, reflecting its commitment to enhancing customer experiences.

Vision for Technological Advancement

The bank is committed to leveraging technology to streamline its operations and offer innovative solutions. In 2024, Bank of Baroda plans to invest ₹2,000 crore in digital transformation initiatives. As of Q2 2023, 95% of its transactions were conducted through digital channels, indicating significant progress in technology adoption.

Vision for Global Expansion

Bank of Baroda seeks to expand its global footprint with a focus on strategic international markets. The bank currently operates in 21 countries and plans to increase its presence in Asia-Pacific and Africa. The goal is to achieve a 30% increase in international revenue by FY 2025.

Vision for Sustainable Development

The bank is focused on promoting sustainable business practices. In 2023, Bank of Baroda allocated ₹500 crore towards renewable energy financing. The bank aims to become carbon neutral by 2030.

Vision for Diverse Workforce

Bank of Baroda is committed to fostering a diverse workforce. As of 2024, the bank aims for women to represent 30% of its leadership roles. The current percentage of women in leadership positions stands at 25%.

Core Values of Bank of Baroda

Integrity

Integrity is the cornerstone of Bank of Baroda's operations, emphasizing ethical behavior and transparency. The Bank demonstrated this value through various compliance initiatives and adherence to regulatory frameworks, ensuring accountability in all transactions.

In 2023, Bank of Baroda reported a compliance rate of 98% in meeting regulatory standards, reflecting its commitment to ethical banking practices. The implementation of the 'Code of Conduct' program has further reinforced integrity among employees.

Customer Centricity

Customer Centricity prioritizes the needs and satisfaction of clients. Bank of Baroda has invested in digitizing customer services, which has resulted in a 20% increase in customer engagement on digital platforms in the past year.

The launch of the 'Baroda Next' initiative in 2023 aimed to enhance personalized banking experiences, contributing to a customer satisfaction score of 85% in annual surveys.

Excellence

Excellence reflects Bank of Baroda's commitment to delivering high-quality services. The Bank enhanced its operational efficiency with the adoption of advanced analytics and AI-driven solutions, which led to a 15% reduction in processing times for loan applications.

In 2023, Bank of Baroda achieved a total business growth of 16%, driven by loan growth and a focus on sustainable banking practices.

Innovation

Innovation is vital for staying competitive in the banking sector. Bank of Baroda launched several new financial products in 2023, including a 5% interest rate savings account aimed at millennials.

Investment in FinTech partnerships led to a broadened range of services; the Bank reported an increase of 30% in mobile banking transactions year-on-year, increasing overall user engagement.

Inclusiveness

Inclusiveness ensures that Bank of Baroda promotes equal opportunities for diverse communities. The Bank initiated financial literacy programs targeting rural populations, reaching over 1 million individuals in 2023.

Additionally, Bank of Baroda's workforce diversity metrics show that women now represent 35% of its employees, demonstrating its commitment to gender equality.