Bank of Baroda Q1 net profit halves to Rs203 crore on higher provisioning
New Delhi: Public sector Bank of Baroda (BOB) on Friday reported nearly 52% fall in net profit at Rs203.39 crore for the first quarter ended June on higher provisioning, although NPAs remained largely unchanged.
The bank’s net profit in the corresponding April-June quarter of 2016-17 stood at Rs 423.62 crore.
Total income, however, were higher year-on-year at Rs12,103.86 crore for April-June period of 2017-18 from Rs11,877.91 crore in the same quarter of 2016-17, the bank’s balance sheet showed.
The bank’s gross non-performing assets (NPAs) or bad loans rose to Rs 46,172.77 crore as on June 30, 2017, up from Rs 42,991.68 crore as on end-June 2016, it said in a regulatory filing. Percentage wise, gross NPAs were 11.40 per cent of gross advances, as against 11.15% a year ago.
Net NPAs, however, came down to Rs 19,519.31 crore (5.17%) by end of June 2017, from Rs 20,783.77 crore (5.73 per cent).
Despite restricting on its NPA portfolio, the state owned lender set aside a higher Rs 2,156.69 crore provisioning for June quarter of 2017-18, as against Rs1,986.44 crore in April-June 2016-17. “The bank has made provision at 20 per cent on secured sub-standard advances as against the regulatory requirement of 15 per cent,” it said in the filing.
Further, the bank said it has made additional provisions of Rs107.84 crore in respect of standard advances to stressed sectors of the economy.
Besides, as per RBI instructions with regard to scheme for stressed assets, the bank said it reversed an amount of Rs172.08 crore during the June quarter as unrealised interest for accounts falling under strategic debt restructuring (SDR), scheme for sustainable structuring of stressed assets (S4A).
The bank also informed that it paid Rs5.45 crore and Rs42.26 lakh towards penalty imposed in South Africa and Seychelles branches respectively by their local regulators. Bank of Baroda stock closed 3.91 per cent down at Rs 142.55 on BSE today.
Latest News »
- Apex Frozen Foods IPO subscribed 1.2 times till 2.45pm on Day 2
- Suresh Prabhu takes moral responsibility for train accidents, offers to quit
- Stop dumping of ‘ritualistic material’ into Ganga to keep river clean: NEERI
- Smartphones with 18:9 displays you can buy right now
- Global gold prices edge up on softer dollar, focus on Jackson Hole conference