Bank of Baroda posted a loss of ₹3,102 crore in the fourth quarter of FY2018. In the corresponding quarter of the preceding year, the bank had posted a profit of ₹154 crore.

The results may have disappointed analysts who had expected the bank to post a 60 per cent drop in net profit in the fourth quarter to around ₹60 crore.

Net interest income of the bank grew by 12 per cent to ₹4,002 crore in the quarter.

Gross NPAs, which were at 11.34 per cent of the total loans at the end of December 2017, rose further to 12.26 per cent or about ₹56,480 crore, again a much higher figure than expected earlier. Provisions for non-performing assets went up nearly three-fold from ₹2,425 crore in Q4 of FY17 to ₹7,052 crore in the latest quarter.

For the full fiscal 2018, the bank’s losses were at ₹2,432 crore against profit of ₹1,383 crore for fiscal 2017.

The board of directors held a marathon meeting on Friday which began at 9 am and ended at 6.10 pm, a release from the bank said. The board has not recommended any dividend this year.

It has approved the raising of additional capital of ₹10,000 crore, of which, ₹6,000 crore would be through equity, while ₹4,000 crore would be through Tier-I/II instruments.

Bank of Baroda shares closed at ₹141.20 on the BSE today, up ₹2.50. Public sector banks have been posting record losses in the fourth quarter of this fiscal. Except for two lenders – Indian Bank and Vijaya Bank – 15 other public sector banks posted losses in this quarter.

The losses of public sector banks have totalled ₹53,000 crore in the fourth quarter. Punjab National Bank (PNB), the second-largest public sector bank, posted a record loss of ₹13,417 crore, while SBI, the largest bank in the country, posted a loss of ₹7,718 crore in Q4.

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