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Photo: Mint

Bank of Baroda shares decline over 3% on weak Q1 earnings

The stock falls by 3% to Rs47.05 on the BSE. At the NSE, it declines 3.19% to 47

NEW DELHI : Shares of Bank of Baroda on Tuesday declined over 3% after the company reported a net loss of 864 crore on a standalone basis in the quarter ended June.

The company's stock went lower by 3% to 47.05 on the BSE.

At the NSE, it declined 3.19% to 47.

State-owned Bank of Baroda on Monday reported a net loss of 864 crore on a standalone basis in the quarter ended June due to increased provisioning for standard accounts.

The bank had reported a standalone profit of 710 crore in the year-ago period.

On a consolidated basis, the lender reported a net loss of 679 crore in the first quarter of the current fiscal.

"We reported a loss for the (June) quarter of more than 800 crore as against a profit of 700 crore. Most of that is on account of heightened provision of standard assets, which has moved up by nearly 1,800 crore," the bank's managing director and CEO Sanjiv Chadha told reporters.

Of the 1,800 crore, half is due to the provisioning done as per the RBI dispensation for assets that have not slipped on account of the moratorium and the other half of nearly 900 crore is on account of a government guaranteed loan the bank has, he said.

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