Bank of Baroda Q1 net dives 60% to Rs 424 crore

Both gross and NPAs rose over two times as a percentage of advances during Q1 current fiscal

Public sector Bank of Baroda Thursday reported a massive 60 per cent plunge in its standalone net profit at Rs 423.62 crore for the first quarter ended June 2016, hit by higher provisions for bad loans and contingencies.

The bank had a net profit of Rs 1,052.15 crore on standalone basis in the corresponding quarter a year ago.

"Total income decreased to Rs 11,877.91 crore for the quarter ended June 2016 from Rs 12,243.720 crore in the quarter ended June 30, 2015," it said in a regulatory filing.

The bank said it made a profit of Rs 424 crore while moving from a loss position in the previous two quarters.

Both gross and net non performing assets (NPAs) rose over two times as a percentage of advances during the first quarter of the current fiscal.

Gross NPAs were 11.15 per cent of gross advances as of June 2016, up from 4.13 per cent a year ago, and in absolute terms rose to Rs 42,991.68 crore as against Rs 17,273.95 crore a year earlier.

Net NPAs stood at 5.73 per cent (Rs 20,783.77 crore), up from 2.07 per cent (Rs 8,470.02 crore).

Thus, provisions for bad loans and contingencies were raised to Rs 2,004.07 crore for the reported quarter against Rs 599.74 crore a year.

Bank of Baroda shares were trading at Rs 147.50 apiece, down 7.99 per cent on the BSE.