BoB clocks Q1 revenue of Rs 1,209 cr on dip in dangerous mortgage provisioning

Helped by a fall in dangerous loans provisioning, Bank of Baroda (BoB), on Saturday, posted a standalone revenue of Rs 1,208.63 crore through the quarter ended June 2021. The financial institution had reported a web lack of Rs 864 crore in the identical quarter a yr in the past.
Total earnings moderated marginally to Rs 20,022.42 crore from Rs 20,312.44 crore in the identical quarter a yr in the past, BoB mentioned in a regulatory submitting.
The financial institution’s asset high quality improved with the gross non-performing property (NPAs) falling to eight.86 per cent of the gross advances as on June 30, 2021, from 9.39 per cent by the end-June 2020. However, web NPA ratio rose to three.03 per cent from 2.83 per cent as on June 30, 2020, the financial institution mentioned. As a end result, complete provisions and contingencies for the quarter eased to Rs 4,111.99 crore from Rs 5,628 crore a yr in the past.

Provisioning Coverage Ratio together with floating provision stood at 83.14 per cent as on June 30, 2021. A penalty of Rs 41.75 lakh has been imposed on the financial institution by Reserve Bank of India for the quarter ended June 30, 2021, it mentioned. As per the Reserve Bank of India (RBI) round, the financial institution has opted to supply the legal responsibility for frauds over a interval of 4 quarters, it mentioned.

Accordingly, the carry ahead provision as on June 30, 2021 is Rs 349.45 crore which is to be amortised within the subsequent quarters by the financial institution, it mentioned.