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  1. Bank of Baroda Q4 net loss at Rs 3,230 crore, cleans up bad loans

Bank of Baroda Q4 net loss at Rs 3,230 crore, cleans up bad loans

Bank of Baroda Q4 results: Company's provisions, including for loan losses, stood at Rs 6,857 crore, up 277 per cent, against Rs 1,817 crore in the same quarter last year.

By: | Updated: May 13, 2016 6:15 PM
Bank of Baroda Bank of Baorda Q4 results: Provisions, including for loan losses, stood at Rs 6,857 crore, up 277 per cent, against Rs 1,817 crore in the same quarter last year. (Photo: Reuters)

Bank of Baroda announced its results for the fourth quarter ended March 2016 on Friday after market hours. The bank reported a surprise net loss of Rs 3,230 crore against net profit of Rs 598.35 crore in the corresponding quarter a year ago.

Analysts on average had expected a net profit of Rs 303 crore, according to data compiled by Thomson Reuters.

Gross non-performing assets as a percentage of total loans increased to 9.99 per cent for the quarter ended March 2016 from 9.68 per cent in the sequential quarter ended December 2015.

In a clean-up exercise, the bank provided Rs 6,857 crore , up 277 per cent, against Rs 1,817 crore in the same quarter last year.

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