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

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Updated: May 13, 2016 6:15 PM

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.

Bank of BarodaBank 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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