Bank of Baroda reports Rs 1,407 crore loss for Q3

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January 24, 2020 8:44 PM

BoB, which merged Dena Bank and Vijaya Bank with itself earlier this year, said its total income increased to Rs 21,809.08 crore during the quarter under review as against Rs 14,562.85 crore in the year-ago period.

Net NPA ratio also declined to 4.05 per cent from 4.79 per cent during the same quarter of previous financial year.

Bank of Baroda (BoB) on Friday reported a net loss of Rs 1,406.95 crore for December quarter 2019-20 on higher provisioning for bad loans. The state-owned lender had posted a profit of Rs 736.68 crore in the preceding September quarter and Rs 471.25 crore in the year-ago period. BoB, which merged Dena Bank and Vijaya Bank with itself earlier this year, said its total income increased to Rs 21,809.08 crore during the quarter under review as against Rs 14,562.85 crore in the year-ago period.

In a stock exchange filing, the bank said its net interest income grew 9 per cent to Rs 7,128 crore. “Bank’s provisions rose 54 per cent resulting in net loss of Rs 1,407 crore for the quarter ending December 2019,” the lender said. Its Gross Non Performing Assets (NPA) ratio declined to 10.43 per cent at December-end 2019 as against 10.91 per cent by the end of same quarter a year ago.

Net NPA ratio also declined to 4.05 per cent from 4.79 per cent during the same quarter of previous financial year. The bank has made a provision of Rs 6,620.61 crore during the quarter under review as against Rs 3,416.02 crore in the year-ago three-month period. BoB also reported a fresh slippage for the quarter at Rs 10,387 crore.

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