Bank of Baroda spurts on posting Q4 net profit of Rs 507 cr

Bank of Baroda jumped 5.65% to Rs 53.30 after the bank posted a net profit of Rs 506.59 crore in Q4 March 2020 compared with a net loss of Rs 991.37 crore in Q4 March 2019.

Total income rose 40.9% year-on-year (YoY) to Rs 21,533.10 crore in Q4 FY20. Pre-tax loss in Q4 FY20 stood at Rs 1,723.28 crore, higher than pre-tax loss of Rs 1,538.50 crore in Q4 FY19.

The bottomline was supported by a Rs 2,229.87 crore write-back in provision for taxes (against a tax provision of Rs 547.13 crore in Q4 FY19).

Provisions and contingencies rose 26.8% to Rs 6,844.07 crore in Q4 March 2020 from Rs 5,399.29 crore in Q4 March 2019. Provisioning coverage ratio is 81.33% as on 31 March 2020 compared with 78.68% in the same period last year.

Provision for NPAs was at Rs 3,190 crore for the quarter. Fresh slippage for the quarter was at Rs 3,050 crore.

Net Interest Income (NII) increased by 5.02% to Rs 6,798 in the fourth quarter from Rs 6,473 crore in the same period last year. Global net interest margin (NIM) during Q4 FY20 increased to 2.67% from 2.62% and domestic NIM increased to 2.78% from 2.68%.

Gross non-performing assets (NPAs) stood at Rs 69,381.43 crore as on 31 March 2020 as against Rs 73,139.70 crore as on 31 December 2019 and Rs 46,232.77 crore as on 31 March 2019.

The ratio of gross NPAs to gross advances stood at 9.40% as on 31 March 2020 as against 10.43% as on 31 December 2019 and 9.61% as on 31 March 2019. The ratio of net NPAs to net advances stood at 3.13% as on 31 March 2020 as against 4.05% as on 31 December 2019 and 3.33% as on 31 March 2019.

Domestic CASA deposits registered a growth of 6.75% YoY. Share of CASA deposits to total domestic deposits improved to 39.07% as on 31 March 2020 from 37.26% during the same quarter of previous financial year.

Domestic deposits stood at Rs 8,08,706 crore as on 31 March 2020 up by 1.8% from Rs 7,82,070 crore as on 31 December 2019. Domestic advances stood at Rs 5,70,341 crore as on 31 March 2020 which was Rs 5,44,726 crore as on 31 December 2019.

Bank of Baroda is a public sector bank. The Government of India held 71.60% in the bank as on 31 March 2020.

Powered by Capital Market - Live News