Bank of Baroda swings to record Q3 loss of Rs 3,342 cr
Public sector lender Bank of Baroda has reported a net loss of Rs 3,342.04 crore in the third quarter ended December 31, 2015 as provisions surged amidst deteriorating asset quality.
In Q3 FY 2014-15, net profit stood at Rs 334 crore, Bank of Baroda said in a filing to the Bombay Stock Exchange (BSE).
Net interest income fell by 17.7 per cent at Rs 2,705.34 crore in Q3 FY 2015-16 from Rs 3,286.14 crore in the same period a year ago.
Other income climbed by 2 per cent at Rs 1,112.91 crore in Q3 FY 2015-16 from Rs 1,090 crore in the same period a year ago.
Total income fell marginally to Rs 11,726.95 crore in Q3 FY 2015-16 from Rs 11,808 crore in the same period a year ago.
Provisions for NPA soared more than five-fold to Rs 6,474 crore in Q3 FY 2015-16 from Rs 1,150 crore in the same period a year ago.
The percentage of Gross Non-Performing Assets (GNPA) jumped to 9.68 per cent as at December 31, 2015 from 3.85 per cent a year ago while that of Net Non-Performing Assets (NNPA) rose to 5.67 per cent from 2.11 per cent.
Shares of Bank of Baroda fell by 1.38 per cent to end at Rs 114.35 a piece on Friday at the BSE.