Bank of Baroda Q1 result: Net loss of ₹864 cr due to higher provisions
1 min read . Updated: 10 Aug 2020, 06:44 PM ISTBank of Baroda reported a standalone net loss of ₹864 crore during the quarter ended June of the current fiscal year
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NEW DELHI : 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% 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% 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% of the gross advances as on June 30, 2020, from 10.28% by the end-June 2019. Net NPA ratio fell to 2.83% from 3.95% as on June 30, 2019, the bank said.
Bank of Baroda shares closed at ₹48.55 apiece on the BSE, up 0.21 per cent from the previous close.
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