Bank of Baroda reports Rs 3,102-crore loss for March quarterhttps://indianexpress.com/article/business/banking-and-finance/bank-of-baroda-reports-rs-3102-crore-loss-for-march-quarter-5191404/

Bank of Baroda reports Rs 3,102-crore loss for March quarter

Provisions for bad loans jumped to Rs 7,052.53 crore, from Rs 2,425.07 crore in the year-ago period, as per a regulatory filing by the bank. Total income dropped to Rs 12,735.16 crore in the March quarter from Rs 12,852.44 crore a year ago.

BoB reports RS 3,102-crore loss for March quarter
Asset quality of the bank worsened as gross non-performing assets (NPAs) or bad loans surged to 12.26 per cent of gross advances as on March 31, 2018, against 10.46 per cent as on March 31, 2017.

Bank of Baroda (BoB) has reported a net loss of Rs 3,102.34 crore for the January-March quarter of 2017-18 as against a net profit of Rs 154.72 crore in the corresponding quarter of 2016-17 due to higher provisioning for mounting bad loans.

Provisions for bad loans jumped to Rs 7,052.53 crore, from Rs 2,425.07 crore in the year-ago period, as per a regulatory filing by the bank. Total income dropped to Rs 12,735.16 crore in the March quarter from Rs 12,852.44 crore a year ago.

Asset quality of the bank worsened as gross non-performing assets (NPAs) or bad loans surged to 12.26 per cent of gross advances as on March 31, 2018, against 10.46 per cent as on March 31, 2017. In absolute value, gross NPAs were Rs 56,480.39 crore, up from Rs 42,718.70 crore a year ago. Out of this, fresh slippage of Rs 4,274 crore is on account of implementation of RBI’s new guidelines on restructured assets, the bank said.

Net NPAs were at 5.49 per cent (Rs 23,482.65 crore) as of March 2018 against 4.72 per cent (Rs 18,080.18 crore) in the year ago period. “Exposure in accounts under NCLT’s first list is Rs 7,158 crore and NCLT’s second list is Rs 3,830 crore as on March 31, 2018. Provision held in accounts under NCLT 1 and NCLT 2 list is Rs 3,950 crore (55.18 per cent) and Rs 2,114 crore (55.20 per cent) respectively,” the bank said.