Bank of Baroda on Friday reported Q4 loss of Rs3,102 crore on the back of lower other income and higher provisioning against non-performing assets (NPAs).
The bank posted a net loss of Rs3,102.34 crore for the March quarter compared to a profit Rs154.72 crore in the year-ago period. The loss was higher than the Rs28.03 crore estimated by a Bloomberg poll of 18 analysts.
Net interest income, or the difference between interest earned on loans and that paid on deposits, increased 11.74% to Rs4,002.26 crore from Rs3,581.86 crore in the corresponding period last year. Other income, which includes core fee income, lost 14.23% to Rs1,695.90 crore in the three months from Rs1,977.28 crore a year ago.
Gross NPAs, as a percentage of total advances, were at 12.26% in Q4 compared with 11.31% in the December quarter and 10.46% in the year-ago March quarter.
Provisions during the quarter increased two-and-a-half fold to Rs6,672.38 crore as against Rs2,262.97 crore in the year-ago quarter. In the October-December quarter, the bank had set aside Rs3,426.51 crore in provisions.
Post-provision, the net NPA ratio was at 5.49% against 4.97% in the October-December quarter and 4.72% in the year-ago quarter.
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