Bank of Baroda today reported a net loss of Rs 1,047 crore due to a sharp rise in provisions for bad loans in the quarter and deterioration in asset quality on a reported basis.
Analysts had expected the state-owned bank to report a net profit of Rs 1,042.6 crore for the reported quarter.
The lender’s bottomline was also affected by a sharp rise in tax expense to Rs 3,726 crore as against a tax write-back of Rs 2,230 crore in the year-ago quarter.
Bank of Baroda’s pre-provision operating profit rose 27.3 per cent on-year to Rs 6,266 crore for the quarter ended March. Net interest margin of the lender deteriorated on-year by three basis points to 2.73 per cent.
The lender’s loan book grew 4.9 per cent on-year during the quarter to Rs 6.4 lakh crore, while deposits climbed 6.2 per cent to Rs 8.6 lakh crore. However, the retail loan portfolio showed firm growth of 14.4 per cent on-year to Rs 1.2 lakh crore
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