Bank of Baroda reports profit in Q4

The State-owned Bank of Baroda reported the profits after a Rs 507 crore tax was levied in the March quarter, the nation with a low-interest rate. Beginning April 1, 2019, the bank merged Dena Bank with Vijaya Bank as well. Quarterly/year numbers ending March 31, 2020, are comparable to those for the same year ended March 31, 2019. Bank of Baroda reported a loss of Rs 8,875 crore over the same period last year. The bad loans included Bank of Baroda Gold Loan, Bank of Baroda Personal Loan, etc.

The provision for non-performing loans decreased by 69.23 percent to Rs 3,190 crore compared to R10,368 in the same quarter of last year. For the full year, the bank reported a total profit of 546 rupees with a residual loss of Rs 8,340 crore during FY19.

With the completion of the exchange, the private bank’s interest rate stood at Rs 506.59 crore in the January-March quarter compared to the loss of Rs 991.34 crore in the past. This figure is not the same because it does not take into account the merger of Vijaya Bank and Dena Bank. Domestic interest rate (NIM) rates have increased by 2.78% from 2.68% while global NIM has increased to 2.67% from 2.62%. Bank interest (NII) interest rate increased by 5 percent to Rs 6,798 crore from Rs 6,473 crore in the previous quarter. The total NPA stands at 9.40% while the NPA overall stands at 3.13%. The economic adequacy rate stands at 13.30 percent and CET-1 is 9.44 percent as of March 31, 2020.

He said about 65 percent of the bank’s letter was under suspension but dropped to 55 percent in May. There was an estimated Rs 4,053 crore that would have gone to the NPA if the standing clause had not been approved by the RBI, he said. besides, the bank has made provision for 20 percent of these loans

Speaking about integration, Chadha said it is progressing according to plan. It is said to be Rs 8,08,706 crore as domestic development stood at Rs 5,70,341 crore. The bank expects deposit and development growth of 7 percent -8 this year, he said the bank fund ended by 2.13 percent above Rs 50.45 alone on the BSE closed at 35,430.43 on Tuesday.

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