The bank said its domestic advances in Q4 increased 4.7 percent to Rs 5,70,341 crore and deposits rose 1.8 percent to Rs 8,08,706 crore as compared to the December quarter
Public sector lender Bank of Baroda on June 23 has turned into the black in Q4FY20 as it reported a profit of Rs 506.6 crore for the quarter, supported by lower provisions, higher operating income and tax write-back.
It had posted a net loss of Rs 8,875 crore and Rs 1,406.95 crore in the quarter ended March and December quarter, respectively.
Net interest income during the quarter under review increased 5.02 percent year-on-year to Rs 6,798 crore due to decline in interest expenses.
Global net interest margin during Q4FY20 improved to 2.67 percent from 2.62 percent YoY and domestic NIM increased to 2.78 percent from 2.68 percent YoY, the bank said in a BSE filing.
The management said domestic advances in Q4 increased 4.7 percent to Rs 5,70,341 crore and deposits rose 1.8 percent to Rs 8,08,706 crore as compared to the December quarter.
Asset quality improved with gross non-performing assets (NPA) falling 103 basis points sequentially to 9.40 percent and net NPA declined 92 bps QoQ to 3.13 percent in Q4FY20.
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"Fresh slippage for the quarter was Rs 3,050 crore, while provision for NPAs was at Rs 3,190 crore for the quarter," the bank said.
Provisions and contingencies in Q4 fell 36 percent YoY to Rs 6,844 crore, while the sequential decline was 4.4 percent.
Pre-provision operating profit (PPoP) came in at Rs 5,121 crore, up 48 percent YoY due to 23.21 percent fall in operating expenses. Q4 FY19 PPoP included amalgamation related one-off. Vijaya Bank and Dena Bank were amalgamated with Bank of Baroda with effect from April 1, 2019.
Non-interest income (other income) declined a percent to Rs 2,834 crore YoY.
Bank of Baroda saw a tax write-back of Rs 2,230 crore in the quarter against a tax expenses of Rs 1,716 crore in Q4FY19.WEBINAR: Tune in to find out how term insurance can provide risk protection during tough times. Register Now!
