Published: Sat, February 10, 2018
Markets | By Noel Gibbs

Bank of Baroda Q3 net down to Rs 111.78 cr

Bank of Baroda Q3 net down to Rs 111.78 cr

The State Bank of India (SBI) on Friday reported loss of Rs. 2,416 crore in the third quarter of the current fiscal, attributed to lower trading income on account of hardening of bond yields, higher corporate slippages leading to higher loan loss provisions and significant investment depreciation hit.

The bank's net profit fell to Rs 112 crore in the quarter ended December, compared with Rs 25,300 crore in the year-ago quarter.

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The net interest income grew by 40.20 per cent to Rs 4,394 crore in October-December of 2017-18, from Rs 3,134 crore in same period of 2016-17. Accordingly, the bank made a provision of ₹220 crore during the third quarter and plans to provide the remaining ₹220 crore in the fourth quarter of this fiscal.

The Centre has chose to infuse a total of Rs 6,507 crore to improve the capital adequacy of the bank in 2017-18. Over Rs 6,000 crore in provisions was due to the divergences. This was contrary to Bloomberg analysts' expectations of a net profit of Rs 2,059 crore, Moneycontrol reported.

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Kumar, however, exuded confidence that up to 3 of these accounts will be resolved before end-March, while the rest in the first list of 12 will happen in the June quarter. Similarly, its net non-performing assets nearly doubled to Rs 102,370.12 crore, up from Rs 61,430.45 crore, SBI said in an exchange filing. He added that there may also be cases where there can be a write-back of money already set aside. The Rs 20,000 crore infusion will reduce government stake by up to 4 percentage points, he said. The ratio of bad loans jumped to 5.61 per cent of advances from 4.24 per cent. The gross non-performing assets ratio jumped from 7.23 per cent to cross the double digits mark at 10.35 per cent during the quarter under review.

When pointed out that SBI's performance is generally taken as a proxy for the state of the economy, Kumar said SBI's 90-day performance should not be equated with the broader economic activity.

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The bank's stock closed 0.31 per cent down at Rs 65.20 on BSE.

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