Bank of Baroda to raise funds via debt issue

·2-min read

The government-owned bank will consider its second quarter earnings on 29 October 2020.

The bank posted net loss of Rs 864.26 crore in Q1 June 2020 as against net profit of Rs 709.87 crore in Q1 June 2019. Total income declined 2.6% to Rs 20,312.44 crore in Q1 June 2020 over Q1 June 2019.

The bank's provisions and contingencies surged 71.3% to Rs 5627.70 crore in Q1 June 2020 from Rs 3284.88 crore in Q1 June 2019. The bank said it made provisions on standard accounts of Rs 1,811 crore. With respect to COVID-19 provisioning, the bank made fresh provision of Rs 996.11 crore in Q1 June 2020. The bank's provision coverage ratio in Q1 June 2020 stood at 83.30% higher than 77.34% reported in the same quarter last year.

On the asset quality front, the ratio of gross NPAs to gross advances stood at 9.39% as on 30 June 2020 as against 9.4% as on 31 March 2020 and 10.28% as on 30 June 2019. The ratio of net NPAs to net advances stood at 2.83% as on 30 June 2020 as against 3.13% as on 31 March 2020 and 3.95% as on 30 June 2019.

Bank of Baroda is a public sector bank. The Government of India held 71.60% in the bank as on 30 September 2020.

The scrip fell 2.06% to Rs 42.70 on the BSE. It traded in the range of 42.65 and 43.25 so far during the day.

On a year-to-date (YTD) basis, the stock has slumped 58.10% while the benchmark S&P BSE Sensex has lost 1.98% during the same period.



Source: Capitalmarket.com