Bank of Baroda swings to Rs 155 crore profit in Q4 on declining bad loans
Bank of Baroda’s provisions declined to Rs2,622.97 crore from Rs6,857.66 crore in the year ago period as gross NPA ratio moved up marginally to 10.46% from 9.99%
New Delhi: State-run Bank of Baroda (BoB) on Thursday reported a profit of Rs154.72 crore for the March quarter as provisions for bad loans witnessed significant decline.
The bank had reported a huge loss of Rs3,230.14 crore in the same period a year ago.
The bank’s total income rose to Rs12,852 crore in the March quarter from Rs12,789 crore in the year ago period, BoB said in a regulatory filing to stock exchanges.
The provisions declined to Rs2,622.97 crore from Rs6,857.66 crore in the year ago period as gross non-performing asset (NPA) ratio moved up marginally to 10.46% from 9.99%. Its net NPAs also eased to 4.72% as against 5.06% at the end of March 2016.
The board of the directors of the bank has recommended a dividend of Rs1.20 per share on the face value of Rs2 for 2016-17. For full 2016-17 fiscal, the bank posted a net profit of Rs1,814.98 crore as against a loss of Rs5,067.68 crore in the preceding fiscal.
Total income rose to Rs52,410.22 crore in the reported fiscal as against Rs51,791.17 crore in 2015-16 fiscal.