Bank of Baroda shares today slumped over 9 per cent after the company reported a whopping Rs 3,230-crore net loss for the three months to March.
The stock after a weak opening, further lost 9 per cent to Rs 140.85 at BSE.
On NSE, the scrip tanked 9.18 per cent to Rs 140.85.
The company had announced its results post market hours on Friday.
- Higher NPA provisioning: Bank of Baroda Q2 net drops 36%
- United Bank net loss at RS 345 crore
- Oriental Bank of Commerce reports loss in Q2 as NPA provisions rise
- UBI second quarter loss at Rs 1,531 crore
- Gross NPAs cross Rs 50,000 crore: Nearly a quarter of IDBI Bank loans turns bad; loss at Rs 853 crore
- Agriculture, power, auto pressure adds to cloud of bad loans
The bank had reported a net profit of Rs 598.35 crore for the quarter ended March 31, 2015.
The bank had reported a loss of Rs 3,342.04 crore in the preceding December quarter, which is the highest quarterly loss by a bank.
The record loss in two consecutive quarters comes after the bank management had publicly stated, while announcing the December quarter numbers, that all was hunky-dory on the asset quality front as they had front-loaded the provisions for the two quarters at a go.
In the December quarter, the nation’s second largest lender in terms of assets had reported a whopping Rs 3,342 crore in net loss – the highest in the country’s banking history and had expressed confidence that NPA pain was behind it which was cheered by investors.
Provisions zoomed nearly six-fold to Rs 6,857 crore in the March quarter from Rs 1,817 crore on the back of the gross NPA ratio moving up to 9.99 per cent from 3.72 per cent.
The PSU lender reported a loss of Rs 5,067 crore for the full year as against a profit of Rs 3,911.73 crore a year ago. Had it not been for a write-back of Rs 1,055 crore, the losses would have been much more higher.