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Bank of Baroda has reported a huge net loss of Rs 3,342 crore in the third quarter ended December 31, 2015, against a net profit of Rs 334 crore in the year ago period.
This is probably the highest quarterly loss posted by any bank in India so far. On Friday, IDBI Bank had recorded a net loss of Rs 2,184 crore .
Provisions (other than tax) & contingencies soared to Rs 6,164.55 crore (Rs 1262.25 crore in the year ago quarter).
Gross non-performing assets position worsened to 9.68 per cent (3.85 per cent). Net NPA ratio stood at 5.67 per cent (2.11 per cent).
Gross NPAs more than doubled to Rs 38,934 crore from Rs 15,452 crore in the year—ago period. This led to a surge in provisioning, which shaved off the bottom—line.
Bank of Baroda said total income declined to Rs 11,726.95 crore in the quarter ended December 31, from Rs 11,808.34 crore in the year—ago period.
A tax write-back of Rs 1,118.37 crore proved to be a big help in limiting the losses.
On Friday, Bank of Baroda shares ended at Rs 114.35, down Rs 1.60 or 1.38 per cent on the BSE.
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