MUMBAI: Bank of Baroda (BoB) on Wednesday reported an unexpected loss for the March quarter because of higher provisioning for bad loans.
The bank would have reported higher losses for the March quarter if there was no tax write-back. Net loss for the quarter stood at ₹991.37 crore, against the net loss of ₹3,102.34 crore in the corresponding quarter of the previous year. It reported a tax write-back of ₹547.13 crore against ₹904.55 crore a year ago.
The bank was expected to post a profit of ₹913 crore, according to 19 Bloomberg analysts.
Provisions and contingencies surged 93.23% from ₹2,794.20 crore in the December quarter to ₹5,399.29 crore in the three months ended March. Year on year, it was down 19.08% from ₹6,672.38 crore.
Gross non-performing assets (NPAs) fell 33.53% from ₹23,482.65 crore in the year-ago period to ₹15,609.50 crore at the end of the March quarter.
As a percentage of total loans, gross NPAs stood at 9.61% compared to 11.01% in the previous quarter, and 12.26% in the same quarter a year ago. Net NPAs were at 3.33% in the March quarter, compared to 4.26% in the previous quarter, and 5.49% in the same quarter last year.
Net interest income, or the core income a bank earns through loans, was up 26.6% to ₹5,066.96 crore versus ₹4,002.26 crore last year. Other income was at ₹1,970.41 crore, up 16.2% from ₹1,695.90 crore in the year-ago period.
Fresh slippages for the quarter and the financial year were at ₹3,192 crore and ₹10,138 crore, respectively.
BoB shares closed at ₹126.20 on the BSE, up 0.7% from the previous close, while the benchmark Sensex rose 0.36% to 39,110.21 points.