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Bank of Baroda posts Q3 loss of Rs 1,407 crore as provisions spike 54%

The lender had posted a profit of Rs 436 crore in the year-ago period.

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Last Updated: Jan 24, 2020, 09.20 PM IST
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Reuters
Bank-of-Baroda-Reuters-1200
NEW DELHI: Public lender Bank of Baroda on Friday reported a standalone loss of Rs 1,407 crore for December quarter, as total provisions jumped 54 per cent to Rs 6,365 crore. The bank had posted a profit of Rs 436 crore in the year-ago period.

Fresh slippages came in at Rs 10,387 crore for the quarter.

However, led by 8.8 per cent increase in CASA deposits, net interest income (NII) grew 9 per cent to Rs 7,128 crore. Net interest margin (NIM) improved by 18 basis points to 2.80 per cent from 2.62 per cent in Q3FY19.

Gross NPA ratio declined to 10.43 per cent as on December 31 against 10.91 per cent during the same quarter of previous financial year. Absolute gross NPA came in at Rs 73,140 crore. Net NPA ratio also fell to 4.05 per cent from 4.79 per cent.

The bank’s domestic CASA deposits registered a growth of 8.81 per cent on a yearly basis. Share of CASA deposits to the total domestic deposits improved to 38.8 per cent as on December 31 from 36.2 per cent.

The bank’s standalone operating profit came in at Rs 4,958 crore, an increase of 8.5 per cent. Treasury trading gains were higher at Rs 584 crore compared with Rs 464 crore last year.

Retail loan portfolio grew by 15.3 per cent, driven by a robust growth in auto loans at 42.9 per cent and home loans at 10.2 per cent.

Capital adequacy ratio of the bank stood at 13.48 per cent as on December 31.

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