Jun 29 | 14:24 IST
|Home » SECTORS» Banks » Story|
|Normalcy at Bank of Baroda after NPA woes, Q4 net at Rs 155cr|
| PTI |
Mumbai, Friday, May 19, 2017 | 10:35 IST
State-run Bank of Baroda today reported a profit after tax of Rs 155 crore in the quarter ended March, led by healthy business growth.
The bank had reported a net loss of Rs 3,230 crore in the same period last year on a spike in bad assets. "The profit in this quarter is largely the organic business that grows.
There was growth in the fee income and also due to some interest on treasury related income tax refund. Fundamentally it was business as usual for us," managing director and CEO P S Jayakumar told reporters.
The net interest margin (NIM) for domestic operations stood at 2.5 per cent, while global margin stood at 1.8 per cent.
Total NIM in the fourth quarter was at 2.17 as against 2.06 in the same quarter last year. Gross non performing assets of the bank stood at 10.46 per cent while net NPA was at 4.72 per cent.
"We don't expect our NPA to rise more than Rs 3,000 crore in fiscal year 2017-18," he said.
The gross NPA stands at Rs 42,719 crore for March 2017. The bank reported a disclosure in divergence of Rs 295 crore in gross non-performing assets (NPAs).
"For a lot of that accounts we had taken additional provisions," he said.
Total provisions during the quarter was Rs 2,623 crore as against Rs 6,858 crore in the year-ago period.
Fresh slippages in the fourth quarter was Rs 4,077 crore as against Rs 5,932 crore in the same period last year.
The lender recovered Rs 1,541 crore of loans. It upgraded Rs 884 crore of loans, while wrote off Rs 1,211 crore of loans.
Jayakumar said the bank has filed seven cases under Insolvency and Bankruptcy Code. It has identified 23 more accounts to be filled for bankruptcy.
The lender's special mentioned accounts, of loans unpaid for over 60 days, stood at Rs 8,000 crore as of March end.
The bank has valued its non-core assets at Rs 6,000 crore and will be selling some of them in the current financial year.
Total deposits stood at Rs 6,01,675 crore as at March 31, 2017 as against RS 5,74,038 crore as at March 31, 2016. Total advances were Rs 3,83,259 crore as at March 31, 2017 against Rs 3,83,770 crore as at March31, 2016. The bank scrip closed 2.32 per cent down at Rs 187.75 a piece on the BSE, as against a 0.73 per cent correction in the benchmark.
More from SECTORS