Bank of Baroda (BoB) on Friday reported a net loss of Rs 1,407 crore for the quarter ended December on account of higher provisioning for bad loans.
The bank had reported profit after tax of Rs 436 crore in the same period last year. BoB amalgamated Dena Bank and Vijaya Bank with it from April 1, 2019.
"We have had a bit of a rough quarter because of the impact of the divergence, which was there on the provision and on the profit but if you look at the year-on-year figure they seem to stand out well," the bank's newly appointed managing director and CEO Sanjiv Chadha said.
Provisions for bad loans rose 47% to Rs 6,621 crore from Rs 4,505 crore last year. Total provisions increased by 54% to Rs 6,365 crore as against Rs 4,133 crore.
Net interest margin improved by 18 basis points to 2.80% from 2.62% in the year-ago quarter.
Net interest income (NII) grew 9% to Rs 7,128 crore.
The bank's gross NPA ratio declined to 10.43% as against 10.91% in the last quarter.