BOB posts pre-tax loss of Rs 1,308 cr in Q1 on a rise in provisioning

The bank's net interest income (NII) grew 4.91 per cent on a year on year (YoY) basis from Rs 6,497 crore in Q1FY20 to Rs 6,816 crore in Q1FY21

Bank of Baroda (BoB) posted pre-tax loss of Rs 1,308 crore in the quarter ended June 2020 (Q1FY21) due to rise in provisions for standard assets, including those under moratorium and government-guaranteed loans. It had recorded profit before tax (PBT) of Rs 991 crore in Q1FY20.

Its net loss for the reporting quarter stood at Rs 864 crore against net profit of Rs 710 crore in the corresponding quarter a year ago.

Its stock closed flat at Rs 48.55 per share on the BSE on Monday.Net interest income (NII) of the lender grew by 4.91 per cent on a year-on-year (YoY) basis