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Bank of Baroda posts Q4 net profit of Rs. 507 crore

Public sector lender Bank of Baroda on Tuesday reported a standalone net profit of ₹507 crore for the quarter ended March 2020 as against a net loss of ₹8,875 crore in the same period last year. 

The results for the quarter, however, are not comparable with the previous year’s quarter due to the bank’s amalgamation with Vijaya  Bank and Dena Bank in April 2019.  

“The results for the quarter/ year ending March 31, 2020 and quarter ended December 31, 2019 includes operations of erstwhile Vijaya Bank and erstwhile DenaBank,” Bank of Baroda said in a regulatory filing.

Operating profit on a year-on-year (YoY) basis grew by 48 per cent to ₹5,121 crore (₹3,462 crore) during the January-March quarter.  

Total provisions of the bank witnessed a significant decrease of 36 per cent to ₹6,844 crore in Q4 FY20 from ₹10,619 crore in the year ago quarter. 

For the full year, the bank posted a net profit of ₹546 crore as against a net loss of ₹8,340 crore. 

Asset quality

Fresh slippage for the quarter was at ₹3,050 crore while provision for NPAs was at ₹3,190 crore. Gross NPA (GNPA) of the bank stood at ₹69,381 crore as on March quarter as compared to ₹73,140 crore in the December quarter. 

GNPA in percentage terms stood at 9.40 per cent in the fourth quarter as compared with 10.43 per cent in the previous quarter while net NPA ratio fell to 3.13 per cent from 4.05 per cent on a sequential basis. 

Domestic deposits stood at ₹8,08,706 crore as on March 2020, up by 1.8 per cent from ₹7,82,070 crore in the previous quarter while domestic advances stood at ₹5,70,341 crore (₹5,44,726 crore) during this period. 

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