Bank of Baroda reports profit of Rs 1,209 crore in Q1

For the quarter, the total provisions and contingencies eased to Rs 4,111.99 crore from Rs 5,628 crore a year ago.

On Saturday, the Bank of Baroda had reported a standalone profit of Rs 1,208.63 crore during the quarter ending June 2021, which had been helped by a decline in bad loans provisioning.

A year ago in the June quarter, the state-owned bank, Bank of Baroda, had posted about a loss of Rs 864 crore.

Bank of Baroda in a regulatory filing had said that the total income moderated marginally from Rs 20,312.44 up to Rs 20,022.42 crore in the same quarter a year ago.

As of June 30, 2021, the bank’s asset quality improved with the gross non-performing assets which fell to 8.86 per cent of the gross advances from 9.39 per cent at the end of June 2020.

The bank said that on June 30, 2020, the net NPA ratio raised to 3.03 per cent from 2.83 per cent.

For the quarter, the total provisions and contingencies eased to Rs 4,111.99 crore from Rs 5,628 crore a year ago.

On June 30, 2021, the provisioning coverage ratio including floating provision was at 83.14 per cent.
Reserve Bank of India had imposed a penalty of Rs 41.75 lakh on the bank for the quarter ending June 2021.

In the RBI circular, it had mentioned that the bank had opted to provide the liability for frauds over four quarters. On June 30, 2021, the carry-forward provision was Rs 349.45 crore which was to pay off in the subsequent quarters by the bank.

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