Bank of Baroda on Wednesday posted a net loss of Rs 991 crore in the March 2019 quarter as against a loss of Rs 3,102.34 crore in the same January-March period of fiscal 2017-18. However, compared sequentially, there was a net profit of Rs 471.25 crore during the third quarter ended December 2018.
On the asset quality front, the bank’s gross non-performing assets (NPAs) fell to 9.61 per cent of the gross advances at the end of March 2019, against 12.26 per cent by March 2018. In absolute numbers, gross NPAs were Rs 48,233 crore as on March 31, 2019 compared to Rs 53,184 crore as on December 31, 2018.
Net NPAs were 3.33 per cent, down from 5.49 per cent. Absolute amount of net NPAs also declined by Rs 3,521 crore to Rs 15,609 crore, the lowest in eight quarters, the bank said. The bank said it has provided Rs 5,550.10 crore as provisioning towards bad loans and diminution value of all restructured accounts. In the year-ago period, provisions had stood at Rs 7,052.53 crore.
“The bank recorded loss on a standalone basis of Rs 991 crore for fourth (quarter of) 2018-19 due to acceleration in provisions,” it said in a regulatory filing. For the whole year, standalone and consolidated profit stood at Rs 433 crore and Rs 1,100 crore respectively. There were losses of Rs 2,431.81 crore and Rs 1,887.10 crore on standalone and consolidated basis in the year-ago period.
Net interest income (NII) increased to Rs 4,863 crore. Net interest margin (NIM) improved to 2.90 per cent in March 2019 from 2.69 per cent in December 2018. Total income in the March quarter of 2018-19 rose to Rs 15,284.59 crore, against Rs 12,735.16 crore a year.