Bank of Baroda swings to Rs 155 crore profit in Q4 on declining bad loans
- Kejriwal’s apology to Majithia a bid to reduce defamation burden: Amarinder Singh
- Theresa May warns of new Russia sanctions as 23 UK diplomats expelled
- Tech giants set to face 3% tax on revenue under new European Union plan
- Nirmala Sitharaman says no repeat of Doklam crisis
- Govt plans regulatory framework for social media, online content: Smriti Irani
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.