Bank of Baroda registers net profit of Rs 1,779 crore in March quarter

IPO of the bank's life insurance arm, IndiaFirst Life, likely this financial yr

State-run lender Bank of Baroda reported a net profit of Rs 1,779 crore for the Jan-March quarter of 2021-22 as compared to net loss of Rs 1,047 crore during the same period last year. The profit was mainly due to lower provision for tax, which was Rs 120 crore as compared with Rs 3,726 crore during the same period last year.

“In the last quarter of last year, we had transitioned into the new tax regime, and as a result, effective tax rate came down from 33 per cent to 25 per cent. That was the reason why tax provisions