Bank of Baroda spurts after Q4 net loss narrows

Bank of Baroda jumped 7.33% to Rs 135.45 at 11:25 IST on BSE after the bank's net loss narrowed in Q4 March 2019.

Meanwhile, the S&P BSE Sensex was up 384.95 points, or 0.98% to 39,495.16.

On the BSE, 35.87 lakh shares were traded in the counter so far compared with average daily volumes of 11.88 lakh shares in the past two weeks. The stock had hit a high of Rs 143.60 and a low of Rs 128.20 so far during the day. The stock hit a 52-week high of Rs 157.45 on 9 August 2018. The stock hit a 52-week low of Rs 90.70 on 11 October 2018.

Bank of Baroda reported net loss of Rs 991.37 crore in Q4 March 2019 compared with net loss of Rs 3102.34 crore in Q4 March 2018. Total income rose 20.02% to Rs 15284.59 crore in Q4 March 2019 over in Q4 March 2018. The result was announced after market hours yesterday, 22 May 2019.

Net Interest Income (NII) increased to Rs 4,863 crore. Adjusting for IT refund of Rs 204 crore in March 2019, NII increased by 25.73%. Domestic core fee income increased by 10.41% Y-o-Y to Rs 955 crore. Operating income (NII + Other income) increased by 23.50% Y-o-Y to Rs 7,037 crore.

The bank's gross non-performing assets (NPAs) stood at Rs 48232.77 crore as on 31 March 2019 as against Rs 53184.28 crore as on 31 December 2018 and Rs 56480.39 crore as on 31 March 2018.

The ratio of gross NPAs to gross advances stood at 9.61% as on 31 March 2019 as against 11.01% as on 31 December 2018 and 12.26% as on 31 March 2018.

The ratio of net NPAs to net advances stood at 3.33% as on 31 March 2019 as against 4.26% as on 31 December 2018 and 5.49% as on 31 March 2018..

The bank's provisions and contingencies fell 19.08% to Rs 5399.29 crore in Q4 March 2019 over Q4 March 2018.

Capital Adequacy Ratio of the bank stood at 13.42% and CET-1 at 10.38% versus 11.67% and 8.65% in 31 December 2018. Consolidated CET-1 and Capital Adequacy Ratios improved in March 2019 at 11.60% (9.74% in December 2018) and 14.52% (12.62% in December 2018) respectively.

Provision coverage under NCLT 1 and NCLT 2 list was 95.63% and 84.11% respectively.

Bank of Baroda is an Indian state-owned bank with a strong domestic presence spanning 5,546 branches and 9,661 ATMs and cash recyclers supported by self-service channels. The bank has a significant international presence with a network of 101 overseas offices spanning 21 countries.

Government of India holds 65.37% stake in Bank of Baroda (as on 31 March 2019).

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