Bank of Baroda (BoB) posted a pre-tax loss of Rs 1,723.2 crore in the fourth quarter ended March 31, 2020 (Q4FY20). It had seen a pre-tax loss of Rs 1,538.5 crore in the same quarter of 2018-19 (Q4FY19).
The bank posted a net profit of Rs 506.5 crore in Q4FY20 compared to net loss of Rs 991.3 crore in Q4FY19. In the entire FY20, it registered a net profit of Rs 546.1 crore against net profit of Rs 433.5 crore in FY19, according to filings with the BSE.
The performance in FY20 and FY19 are not comparable as two public sector banks — Dena Bank and Vijaya Bank — merged with BoB from April 1, 2019. The results for FY20 are for the amalgamated entity while those for FY19 are for the pre-amalgamation period.
BoB stock closed 2.13 per cent higher at Rs 50.45 per share on the BSE. Its managing director and chief executive Sanjiv Chadha said about 65 per cent of the loan portfolio was under moratorium. It expected this to decline to about 35 per cent at the end of August.
The bank, in a press statement, said for the amalgamated entity, the net interest income (NII) for Q4FY20 stood at Rs 6,798 crore. The non-interest income, comprising fee and commission, among otherss, stood at Rs 2,834.6 crore in Q4FY0.
The provisions (including for non-performing assets) and contingencies were at Rs 6,844 crore in Q4FY20. The bank made a provision of Rs 810.6 crore for loans to which asset classification benefit has been granted under the Covid-19 regulatory package.
These are special mention accounts (SMA2) with loans worth Rs 4,053.2 crore. The provision coverage ratio (PCR) of the bank was at 81.33 per cent at the end of March 31, 2020.
Its managing director and chief executive Sanjiv Chadha said about 65 per cent of the loan portfolio was under moratorium. It expected this to decline to about 35 per cent at the end of August.