Chandan Singh Takes Over as Bank of Baroda Managing Director after Strong Growth under Shashi Dhar Bank of Baroda transitions leadership as Chandan Singh takes over, inheriting a bank strengthened by steady growth under Shashi Dhar. The handover reflects continuity, with strong gains in profitability, deposits, and lending, positioning the bank for further expansion and sustained performance in a competitive banking environment.

Chandan Singh has effectively taken over as Bank of Baroda’s new managing director.

The takeover brings to a close the tenure of Shashi Dhar, who has led the bank since his appointment on February 6, 2023.

Bank of Baroda last month announced the appointment of Singh to take over from Dhar.

Dhar’s leadership, though relatively short, coincides with a phase of strong financial growth, operational strengthening, and strategic expansion for the bank.

Financial results for the year ended December 31, 2025 indicate that the bank recorded significant improvements across key performance indicators, reflecting disciplined execution and resilience in a challenging economic environment.

During the period, profit after tax increased to UGX 156.84 billion from UGX 133.95 billion in 2024, representing a growth of 17.08%.

Total assets rose to UGX 3.497 trillion, marking a 13.46% increase year-on-year, while customer deposits grew to UGX 2.521 trillion, up by 14.34%.

Net loans and advances also expanded to UGX 1.614 trillion, reflecting an 11.56% increase.

The bank’s profitability and efficiency indicators strengthened over the same period. Return on equity improved to 18.16%, earnings per share increased to 10.46, and return on assets rose to 4.72%, underscoring improved financial performance and operational efficiency.

At the time of Dhar’s appointment in February 2023, Bank of Baroda’s performance, as of December 31, 2023, returned a profit after tax of approximately UGX 135.39 billion, supported by strong interest income and stable operating fundamentals.

Customer deposits remained robust, while net loans and advances reflected continued expansion in lending activity.

Total assets also showed growth, indicating balance sheet strength. Capital adequacy levels were solid, with strong core capital ratios, positioning the bank well to sustain growth and absorb risks under Dhar’s leadership.

Financial details indicate that under Dhar’s Baroda’s profit after tax grew from about UGX 135.39 billion to UGX 156.84 billion, presenting an increase of approximately 15.8%, while customer deposits rose from about UGX 2.02 trillion to UGX 2.52 trillion in 2025, a growth of roughly 24.5%.

Net loans and advances increased from about UGX 1.24 trillion in 2023 to UGX 1.61 trillion in 2025, marking a strong expansion of approximately 30.2%.

The bank’s board described Dhar’s tenure as successful during which the bank saw a broader upward trend in deposits, lending, and shareholder equity.

The incoming managing director Singh is expected to build on this foundation.

He has over 20 years of experience in international and domestic banking, holds a Bachelor of Science, and is a Certified Associate of the Indian Institute of Bankers.