Mumbai: Bank of Baroda on Friday posted net loss of ₹1,407 crore for the quarter ended 31 December, 2019 on the back of higher provisioning.
The state-owned lender posted net profit of ₹436 crore in the year-ago period. A Bloomberg poll of 18 analysts had estimated a net profit of ₹683.4 crore.
Provisions during the quarter increased 37.62% to ₹3,043.56 crore as against ₹2,211.53 crore in the same period a year ago. In the July-September quarter, the bank had set aside ₹2,700.68 crore for provisions.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 9.01% to ₹7,128 crore from ₹6,539 crore in the corresponding period last year.
Fresh slippage for the quarter was at ₹10,387 crore.
Other income, which includes core fee income, rose 49.54% to ₹1,295 crore in the three months from ₹866 crore a year ago.
Net interest margin improved by 18 bps to 2.8% in December quarter from 2.62% in December 2018.
Domestic deposits stood at ₹7.82 trillion as on 31 December, 2019 up by 1.3% from ₹7.72 trillion as on December 31,2018.
Gross NPA (GNPA) was ₹73,140 crore as on 31 December,2019 compared to ₹69,969 crore as on 30 September, 2019. GNPA ratio is at 10.43% compared with 10.91% as on 31 December, 2018.
Gross non-performing assets (NPAs), as a percentage of total advances, were at 10.43% in the December quarter compared with 10.25% in the September quarter and 10.91% in the year-ago December quarter.
Post-provision, the net NPA ratio was at 4.05% against 3.91% in the July-September quarter and 4.79% in the year-ago quarter.
Provision coverage ratio (PCR) excluding TWO increased to 63.76% as on 31 December, 2019 compared with 58.87% as on December 31, 2018.
Capital Adequacy Ratio (CAR) and CET-1 at 13.48% and 9.85% versus 12.98% and 9.84% as on September 30, 2019. Consolidated CAR and CET -1 in December 2019 at 13.98% and 10.45% respectively.
Domestic advances stood at ₹5.45 trillion as on 31 December, 2019 up by 0.67% from ₹5.41 trillion as on 31 December, 2018.
On Friday, shares of the bank gained 0.84% to close at ₹95.60 apiece, while the benchmark Sensex index gained 0.55% to close at 41,613.19 points.
Source: Livemint
