Bank of Baroda slips 3% on surprise June quarter loss of Rs 864 crore

The profit was hit by provisions and contingencies, which rose by 71.32 per cent to Rs 5,628 crore in Q1FY21 from Rs 3,285 crore in Q1FY20

Shares of state-owned Bank of Baroda declined 3 per cent to Rs 47 apiece in the early morning deals on the BSE on Tuesday after the lender reported a surprise net loss of Rs 864 crore for April-June quarter of FY21 due to rise in provisions for standard assets, including those under moratorium and government-guaranteed loans. It had reported a net profit of Rs 710 crore in the corresponding quarter a year ago.

Besides, the lender posted pre-tax loss of Rs 1,308 crore compared to profit before tax (PBT) of Rs 991 crore in Q1FY20. 

Analysts at Motilal Oswal Financial