Net interest income during the quarter grew by 4.9 percent to Rs 6,816.1 crore, compared to Rs 6,496 crore in same period previous year.
Public sector lender Bank of Baroda on August 10 posted a net loss of Rs 864.3 crore for the June quarter 2020 due to provisioning on standard accounts. The bank's profit was at Rs 709.6 crore in the corresponding period last fiscal.
"On account of provisioning on standard accounts of Rs 1,811 crore, the bank reported a net loss of Rs 864 crore in Q1 FY21 and consolidated net loss stood at Rs 679 crore," said the bank.
Net interest income during the quarter grew by 4.9 percent to Rs 6,816.1 crore, compared to Rs 6,496 crore in the same period last year.
"Global advances growth was at 8.6 percent with organic retail loans growing at 13.5 percent. Domestic CASA ratio increased by 294 bps YoY to 39.49 percent. Domestic retail term deposits increased by 10.4 percent," the bank said in its BSE filing.
Amalgamation benefits visible through realization of synergies with 99 percent of estimated synergies for year one realized in first year itself, it added.
Asset quality has been improved with gross non-performing assets as a provision of gross advances falling to 9.39 percent in Q1FY21 against 9.40 percent in March quarter, while net NPA fell to 2.83 percent from 3.13 percent QoQ.
Slippage ratio fell to 1.64 percent in June quarter 2020 compared with 3.56 percent in June quarter last year. Domestic slippage ratio in Q1 FY21 was at 0.45 percent.
Bank of Baroad has extended asset classification benefit to Rs 14,359.76 crore of loans. It has made additional provision in Q1 at Rs 996.1 crore and as a result, total provision as of June 2020 was Rs 1,806.76 crore.
Provisions and contingencies for the June quarter increased significantly to Rs 5,627.7 crore, compared to Rs 3,284.88 crore in year-ago period.
Provisioning coverage ratio (including floating provision) improved to 83.30 percent as on June 2020, compared to 81.33 percent in March 2020.Pre-provision operating profit increased 1 percent to Rs 4,319.94 crore, while non-interest income declined 5.3 percent to Rs 1,816.28 crore YoY in Q1FY21.