 "A pedestrian walks past a Bank of Baroda advertisement in Mumbai")
Bank of Baroda dipped nearly 8% to Rs 148 on the BSE in early morning trade after the bank’s gross net performing assets (NPA) as a percentage of total loans rose to 11.15% at the end of the June 2016 quarter as compared to 9.99% in the March quarter and 4.13% in the June 2015 quarter.
Net NPAs were at 5.73% in the June quarter compared to 5.06% in the previous quarter and 2.07% in the year-ago quarter.
The state-owned bank said the ratios have increased partly on account of the conscious reduction in the asset base during the year.
The bank has reported 60% year-on-year (YoY) drop in net profit at Rs 424 crore for the quarter ended June 30, 2016 (Q1FY17) due to higher provisions and lower net interest income. It had profit of Rs 1,052 crore in the same quarter year ago and a loss of Rs 3,230 crore in previous quarter.
Net interest income during the quarter declined 2.5% YoY at Rs 3,372 crore, while provision for NPA increased more than three-fold to Rs 1,986 crore from Rs 568 crore in previous year quarter.
Total restructured standard assets of the bank were at Rs 14,164 crore as at Q1FY17. The total stressed loans (GNPA + restructured standard assets) were 14.83% of the gross advances.
A combined 13.52 million shares changed hands on the counter on the NSE and BSE till 09:41 am.
Net NPAs were at 5.73% in the June quarter compared to 5.06% in the previous quarter and 2.07% in the year-ago quarter.
The state-owned bank said the ratios have increased partly on account of the conscious reduction in the asset base during the year.
The bank has reported 60% year-on-year (YoY) drop in net profit at Rs 424 crore for the quarter ended June 30, 2016 (Q1FY17) due to higher provisions and lower net interest income. It had profit of Rs 1,052 crore in the same quarter year ago and a loss of Rs 3,230 crore in previous quarter.
Net interest income during the quarter declined 2.5% YoY at Rs 3,372 crore, while provision for NPA increased more than three-fold to Rs 1,986 crore from Rs 568 crore in previous year quarter.
Total restructured standard assets of the bank were at Rs 14,164 crore as at Q1FY17. The total stressed loans (GNPA + restructured standard assets) were 14.83% of the gross advances.
A combined 13.52 million shares changed hands on the counter on the NSE and BSE till 09:41 am.
