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BoB reports Q1 net loss at Rs 864 crore on higher provisioning

BoB reports Q1 net loss at Rs 864 crore on higher provisioning

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Mumbai (Maharashtra) [India], Aug 10 (ANI): Bank of Baroda on Monday reported a net loss of Rs 864 during the April to June quarter on higher provisioning as compared to a net profit of Rs 710 crore in Q1 FY20.
The provisions other than tax and contingencies stood at Rs 5,628 crore in Q1 FY21 as compared to Rs 3,285 crore in the same period of previous fiscal.
Net interest income of the government-owned bank grew by 4.9 per cent to Rs 6,816 crore in the same period, it said a statement.
Global advances increased by 8.6 per cent led by international, domestic organic retail and corporate loans which grew by 13.93 per cent, 13.5 per cent and 9.16 per cent respectively.
Domestic CASA (current account savings account) ratio increased to 39.49 per cent, higher by 294 basis points year-on-year.
Retail term deposits increased by 10.4 per cent while the cost of deposits in Q1 FY21 was lower by 53 basis points year-on-year at 4.95 per cent.
Gross non-performing assets (NPAs) ratio fell to 9.39 per cent as on June 30 against 10.28 per cent last year while net NPA ratio dropped to 2.83 per cent as against 3.95 per cent in the same period.
Bank of Baroda is undergoing a three-way merger with Dena Bank and Vijaya Bank. The combined entity will have a geographical reach of more than 9,500 branches, more than 13,400 ATMs with 85,000 employees serving 12 crore customers. (ANI)

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