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.