State-owned Bank of Baroda on Monday reported a standalone net loss of ₹864 crore during the quarter ended June of the current fiscal year, due to higher provisions and contingencies.
The bank had posted a net profit of ₹710 crore in the same quarter a year ago.
“On account of provisioning on standard accounts of ₹1,811 crore, bank reported a (standalone) net loss of ₹864 crore in Q1 FY21 and consolidated net loss stood at ₹679 crore,” Bank of Baroda said in a regulatory filing.
Interest income of the lender during the April-June quarter of 2020-21 was down by 2.38 per cent to ₹18,494 crore as against ₹ 18,944 crore in the year-ago quarter.
Total provisions and contingencies for the quarter jumped by 71.32 per cent to ₹5,628 crore from ₹3,285 crore a year ago.
Bank’s asset quality improved with the gross non-performing assets (NPAs) falling to 9.39 per cent of the gross advances as on June 30, 2020, from 10.28 per cent by the end-June 2019. Net NPA ratio fell to 2.83 per cent from 3.95 per cent as on June 30, 2019, the bank said.
Bank of Baroda shares closed at ₹48.55 on the BSE, up 0.21 per cent from the previous close.
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.