40780This is how low salary people should avail credit card benefits!
The scrip traded 3.52% lower at Rs 80.90 at around 9.50 am (IST). On the other hand, the benchmark BSE Sensex was up 0.22% at 51,535 at around the same time.
Shares of Bank of Baroda plunged over 3% in Monday’s early trade after the lender on Saturday posted a standalone net loss of Rs 1,046.50 crore for March quarter 2020-21. The PSU bank had posted a net profit of Rs 506.59 crore in the year-ago quarter.
The scrip traded 3.52% lower at Rs 80.90 at around 9.50 am (IST). On the other hand, the benchmark BSE Sensex was up 0.22% at 51,535 at around the same time.
For the fiscal year 2020-21, the bank reported a net profit of Rs 828.95 crore, up 52% from Rs 546.18 crore.
“Bank moved to a new tax structure thus reporting a loss of Rs 1,047 crore because of DTA (deferred tax asset) reversal. Excluding the impact of the change in the tax regime, the bank would have reported a profit after tax of Rs 2,267 crore in Q4FY21 and Rs 4,143 crore in FY21,” it said in a release.
Standalone income in the quarter under review was nearly flat at Rs 21,532.91 crore as compared to the year-ago quarter. During the fiscal year, the income fell to Rs 82,859.50 crore from Rs 86,300.98 crore in 2019-20.
Total provisions and contingencies fell 46.03% to Rs 3,586 crore in the fourth quarter of FY21 from Rs 6,645 crore in the year-ago period.
Fresh slippages during the quarter stood at Rs 11,656 crore in the fourth quarter of FY21. The lender’s slippage ratio declined to 2.71% in FY21 from 2.97% in FY20. Credit cost decreased to 1.68% in FY21 from 2.35% in FY20.
Bank of Baroda believes that slippages will come down very significantly during the current year (FY22) despite the second wave. “I would believe that we should be trending towards 2% or lower in FY22,” Bank of Baroda’s managing director and CEO Sanjiv Chadha said.